Nortel Gets Go-Ahead to Extend Bankruptcy Protection

Nortel Networks Corp. (NT) has another three months before it must present its plan for emerging from bankruptcy.

The telecom equipment maker on Monday asked a Canada judge for permission to move its bankruptcy protection deadline back by three months, to July 30. The judge on Tuesday approved the request.

Nortel filed for bankruptcy in January and was to have a new business and reorganization roadmap ready by May 1. But the company said it needs more time, especially considering creditors’ demands both in Canada and the United States.

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