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.
Related listings
-
Chesapeake Corp. files for bankruptcy protection
Bankruptcy 12/30/2008Specialty packaging company Chesapeake Corp. has filed for Chapter 11 bankruptcy protection and plans to sell itself to a group of investors for about $485 million.The company's stock, which is traded over-the-counter, closed at 6 cents Monday, well ...
-
Ill. farmer pleads guilty in bankruptcy fraud case
Bankruptcy 11/27/2008A southern Illinois farmer pleaded guilty Wednesday to federal bankruptcy fraud charges, and his attorney said outside court that his client had nothing to do with the unsolved killings of a potential witness and his wife.Joseph Diekemper, 60, of Car...
-
Circuit City files for bankruptcy protection
Bankruptcy 11/11/2008Circuit City Stores Inc., the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday season approaches.It said it decided to file for bankruptcy protection becau...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.