Nortel Networks Corp. sought protection from creditors in the U.S. and Canada, falling victim to the economic downturn and years of struggle to turn around what was once Canada's largest company.
The Chapter 11 filing further weakened the ranks of major telecom-equipment makers and sent chills through suppliers already coping with declining sales of network gear and handsets. Phone carriers more than ever are seeking suppliers with good products and better balance sheets.
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