Nortel will supply London Olympics despite filing for bankruptcy

Nortel has said it will remain fully behind the 2012 London Olympics, after filing for bankruptcy

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Nortel has said it will remain fully behind the 2012 London Olympics, after filing for bankruptcy protection yesterday.

In a statement issued today, Mario DiMascio, Nortel's vice-president forenterprise business, northern region, said, "Let me take this opportunity to reassure you that our commitment to the Games as a Tier 1 local sponsor and official network infrastructure provider remains unchanged as does our commitment to all our customers. The solutions we are providing for the London 2012 Olympic Games are among the most demanding communications environments in the world."

One industry commentator on the Seeking Alpha website said, "A technological revolution contributed to Nortel's downfall. Nortel is worth less than 1/1000 of its market cap in 1999. Around that time, IP-based telephone systems began to emerge. IP-telephony spelled the end of legacy TDM PBX types."

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