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

Related articles
Is Nortel's fall the end of big vendor dominance?
NSN reportedly is a candidate to acquire some of Nortel's assets

Suggested Articles

LF Edge, an umbrella organization that's part of the Linux Foundation, announced the second release of its Akraino Edge Stack.

Chris Young is leaving his role as CEO of cybersecurity firm McAfee to become a senior advisor with TPG Capital, which has a majority stake in McAfee.

CenturyLink wins a $1.6 billion contract with the U.S. Department of Interior to upgrade its network services and modernize its IT solutions.