Nortel Networks Corporation—one of North America’s largest manufacturers of telecommunications equipment and one of the most spectacular victims of the tech crash of 2001—is slowly dismantling itself.
Based in Toronto, Nortel saw its stock price rise to a high of $124.50 in July 2000, but after a glut in fiber optic market developed, Nortel’s stock price plunged to a low of 39 cents. On January 14, 2009, it filed for protection under the Companies Creditors Arrangement Act (CCAA) in Canada and Chapter 11 of the Bankruptcy Code in the United States. (Nortel also filed for bankruptcy protection in the United Kingdom.)
