Network and telecoms equipment manufacturer Nortel Networks has filed for bankruptcy protection in the United States,...
according to Reuters.
Industry commentators have noted that Nortel has been hit by the downturn in the technology sector. Reuters said Nortel was due to pay $107m interest on its debts later today.
The company is a key contract for the 2012 London Olympics, where the company was hired to provide BT with routers, switches and networking equipment required to build and support the network and communications infrastructure.