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Nortel Did Seek Federal Bailout Funds in Fall 08

In the recent bailout feeding frenzy in North America, Nortel Networks Corp. (NT) has remained, conspicuously, out of the limelight.

Turns out, the now-bankrupt telecom equipment maker did try to secure Canadian government funds.

According to the Ottawa Citizen, Nortel CEO Mike Zafirovski made the rounds last autumn and was asking for relatively little by other companies’ standards: $1 billion. But Nortel’s reorganization ideas and lawmakers’ fears about those notions kept the company from getting any money leading to the Jan. 14 bankruptcy declaration.


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