Delaware bankruptcy court restricts Nortel trading
Bankruptcy
The U.S. Bankruptcy Court for the District of Delaware ordered trading restrictions on shares of Nortel Networks Corp., the Canadian telecommunications equipment maker said Friday.
Toronto-based Nortel said restrictions were set on trading of its common shares and on two types of preferred shares - cumulative redeemable class A preferred shares series 5 and non-cumulative redeemable class A preferred shares series 7.
Nortel also said the court's order informs shareholders of claims against the company and the possibility of debt trading restrictions in the future.
The company, which has seen a large drop in orders from phone companies, filed for bankruptcy protection in Canada and the U.S. on Wednesday. It is the first major technology company to do so during the economic downturn.
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