This one's gonna hurt.
Networking and telecom gear maven Nortel Networks
Nortel's $4.5 billion debt load won't make much of a splash by modern standards. Nevertheless, this debt restructuring will have far-reaching effects. Dodge & Cox, formerly Nortel’s largest common stockholder, smelled blood ahead of time and got out of Nortel before the final crash. Most other shareholders are pretty much out of luck, though.
A long, slow turnaround was scuttled by the financial panic of 2008, and relentless competition from stable giants like Cisco Systems
Maybe. But more likely, the likes of Cisco, Nokia
Management says that daily operations will continue unabated, because Nortel announced this so-called "restructuring" (I prefer "implosion") with $2.4 billion of cash left in its pockets. Major parts supplier Flextronics
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