So Nortel Networks today filed for bankruptcy in the US and Canada, seeking protection from creditors one day before a $107 million interest payment was due, notes the WSJ.
Some saw this coming, with the mounting debt and burning of cash by NT. While the stock price is not at $0 yet, it’s trading at a whopping $0.32. In fact, the company is under an NYSE de-list warning if in six months the stock price doesn’t rise above $1.
The plummet? From a peak market value of $250 billion in 2000, to the paltry $275 million on hand.