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Print Edition StoriesWednesday, January 14, 2009
Nortel bankruptcy may hit Mass.
By Mass High Tech staff
How is the economic crisis affecting tech companies?
Nortel Networks Corp., the Toronto networking giant, has announced its filing for Chapter 11 bankruptcy protection in Delaware court. The company employs about 700 people in its Billerica office.
"As of right now, there is no impact to the Billerica campus," a Nortel spokesperson said in a released statement. As part of the filing, however, Nortel said it will review options to reduce costs.
Those options could potentially lead to layoffs at the company's Billerica office and negative impacts on local technology vendors that team with Nortel (NYSE: NT), the Boston Business Journal reports.
According to the BBJ report, Nortel’s employee numbers have dropped in the past decade from about 2,000 workers in its Billerica office to its current estimate of about 700 people.
Nortel filed for bankruptcy protection in Canada, the U.S. and Europe.
In September, the company reported a quarterly loss of $3.4 billion on total quarterly revenue of $2.3 billion.
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