Due to the global economic slow down Nortel was forced to seek Chapter 11 protection from creditors. According to the court filing in U.S. bankruptcy court for the district of Delaware, Nortel's major creditors include Bank of New York Mellon, with claims valued at nearly $4 billion. In November, it reported a $3.4 billion third-quarter loss, cut its 2008 outlook and announced 1,300 layoffs, or about 5% of its workforce.
Nortel’s products include Norstar BCM, CICS, key telephone systems, Call Pilot voice mail, Meridian PBXs and other telecommunications equipment.
