Nortel seeks bankruptcy extension - Triangle Business Journal:

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, the court-appointed monitor for Nortel’s reorganizatio n in Canada, says in a filinbg with the Ontario courtthat “the restructuring of Nortelk will require significant additional time to formulat e an agreed upon restructuring Nortel, which has 2,000 employeees in Research Triangle Park, in the Uniterd States, as well as in in January. The following month, the company receivec a of its bankruptcy protection in That gave Nortel until May 1 to presenr arestructuring plan.
But the Ernst Young filing says that Nortel needs untipl July 30 to get its business in Speculation has run rampant that Nortel one or more of its threer main divisions to help pay off morethan $1 billion in But no deals have yet to The company’s work force in RTP focuses mainly on making equipment for large businesses. That group, whicb has performed better thanthe company’sz core business, could be sold or could be kept as the centerpiecer of the post-bankruptcy Nortel.