Nortel aims to extend bankruptcy protection to July 30

Nortel Networks, which filed for bankruptcy protection in January and had been planning to exit its protection period on May 1 with a new business plan, has filed a document with the Superior Court of Ontario, Canada, requesting that the protection period instead be extended until July 30. The filing was made after court-appointed auditor Ernst & Young said Nortel needs more time to clarify its restructuring plan. 

It is not clear whether the extension also will allow Nortel more time to work out possible asset sales to companies such as Nokia Siemens Networks, which has been reported as being in the running to acquire some portions of troubled Nortel.

For more:
- Light Reading has this report

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