Nortel UK goes into administration

Nortel UK goes into administration

 

The UK arm of  telecoms equipment manufacturer Nortel is the latest company to go into administration.

 

The news comes after its parent firm filed for US bankruptcy protection on 14 January, as economic conditions continued to batter the already struggling business.

 

Nortel Networks UK, which is based in Maidenhead, has appointed Ernst & Young as its administrators. The company employs 2,000 people in the UK but the administration order will also apply to the company’s operations in 16 other EU companies.

 

All the company’s businesses – which employ around 30,000 people worldwide – will operate normally while a restructuring plan is completed.

 

Under US Chapter 11 bankruptcy protection law, a company can keep trading while it aims to sort out its finances.

 

Written by Mobile Today
Mobile Today

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