Nortel Files for Bankruptcy (Updated)

Not unexpected, but still.... Updates throughout the day.

Not unexpected, but still.... Updates throughout the day.Update 1: Here's the Nortel press release. It makes clear that the company filed while it still had cash, presumably because of the difficulty of getting debtor-in-possession financing during the credit crunch.

Update 2: Here's a CBC interview with Mark Sue, the analyst from RBC Capital Markets who, in November, put a $0 price target on Nortel's stock, which it got much closer to after the bankruptcy protection filing.