ECONOMIC Crisis Worsens –
Telecom giant Nortel Networks Corp. (TSX:NT) and several of its units have filed for Chapter 11 bankruptcy in a court in the United States. The move comes shortly after shares in the company were halted on the TSX pending news.[source Yahoo! CP]end of excerpt… . (more updates here shortly on the impact on Canadian economy and deepening recession, check back soon for analysis)
To say we have been expecting this is an understatement – after shares tumbled to the 30 cent range recently. To say we are looking forward to this is a mis-statement. Nortel has been so important to the Canadian economy, even a way of life, when you look at the pervasiveness of Nortel hardware throughout the Bell and other telco customers across the country. That old clunker dial phone you’ve been hanging on to as a collectors item in the basement? – Nortel made it ( or Northern Telecom). For a very long time in Canada, their name was ubiquitous in the business telephone system market – a Bell system was a Nortel system was a phone system – wait there are other manufacturers? How have they fallen so far from a stellar history – especially one filled with so much groundbreaking technological inventiveness. How will this affect measures to ease poverty and homelessness in Canada? Check back here and to the Canada News Commentary blog at canayjun.blogspot.com for more in depth analysis.
Filed under: Blogroll, BREAKING News, homelessness, Life, News, News Commentary, Politics | Tagged: bankrupt, bankruptcty, bell, business, canada, canadian, economy, nortel, NT, poverty, project417, stock, trading, TSX, united states |