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Stocks and Trading: Stocks in USA | | Nortel Networks filed bankruptcy - owes $4m to Infy | |
| Another big tree fell down :-(
North America’s biggest maker of telephone equipment, Nortel Networks has filed for Chapter 11 bankruptcy protection. The company said operations are expected to continue without interruption and added that it has sufficient cash on hand to fund ongoing operations. Nortel is one of the larger clients for most Indian IT companies. Indian companies that would be impacted are Sasken, Infosys and Wipro.
Commenting on this development, V Balakrishnan, CFO, Infosys, said Nortel contributes 0.5% of revenues and outstanding payment from Nortel stood at USD 4 million.
Posted by: Mr. Rajesh K At: 15, Jan 2009 11:11:32 AM IST
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