Nortel Bankruptcy Signals More Consolidation in Voice Telephony Market
Nortel has filed for bankruptcy and may be sold off in parts, according to one Canadian news outlet. The Globe and Mail reports Toronto-based Nortel applied for court approval for creditor protection in Delaware Wednesday morning. It was expected to file in Toronto, as well. Nortel was Canada’s largest company at the peak of the tech boom in 2000, with a $366-billion (Canadian) market capitalization and 95,000 employees, and its decision to seek court protection from creditors marks not only the noteworthy fall of a one-time telecommunications giant, but also heralds the incredible shrinking market for competition among VoIP platform providers.