Nortel files for bankruptcy- One mroe shock

CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)

15 January 2009  

Nortel Networks is North America’s biggest maker of telephone equipment.

 

The company said operations are expected to continue without interruption and added that it has sufficient cash on hand to fund ongoing operations.

 

Nortel is one of the larger clients for most Indian IT companies. Indian companies that would be impacted are Sasken, Infosys and Wipro.

 

US’s telecom company Nortel filed for Chapter 11 bankruptcy protection.

So friends what to say now ??? It further increased difficulties of Indian IT cos.