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Nortel Granted Longer Protection From Creditors

Nortel Networks Corp. has landed a stay of execution, as it were.

The quickly dissolving tech legend on Thursday got court approval for another creditor protection extension, this time to Oct. 30. The previous extension was to expire today.

Nortel said in a brief press release the stay will allow it “to continue to advance in discussions with interested parties for the sale of its businesses, continue to assess other restructuring alternatives if it is unable to maximize value through sales and file a plan of arrangement.”

Creditors, including pensioners and retirees, are clamoring for access to Nortel’s assets.


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