Nortel to File for Bankruptcy: Report

Nortel Networks (NT Quote) is expected to file for bankruptcy protection as early as Wednesday, reports Toronto's Globe and Mail.

Citing sources, the newspaper said the move will likely see the technology company broken up and sold to foreign rivals.

Nortel's board met Tuesday night to deal with a "financial crisis," the report says, as the economic downturn translates into a sharp drop in orders from phone company clients. Nortel, which manufactures telecom hardware, failed to find buyers for a number of divisions that were put up for sale in September. The company also faces the prospect of paying $107 million of interest on its debts Thursday, the Globe and Mail reports. ...