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Updated from 11:15 a.m. EST
Beleaguered telecom equipment manufacturer Nortel Networks(NT Quote) has filed for bankruptcy protection in a last-ditch attempt to put its troubled house in order.
Nortel's bankruptcy petition comes just a day before the firm was due to repay a $107 million interest debt on bonds and follows months of speculation about the company's future.
The Toronto, Ontario-based firm's stock has plummeted recently amid falling sales and was even threatened with delisting from the NYSE. ...
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