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macker · 01-14-2009, 10:09 AM

Vancouver Olympics suffer first sponsor bankruptcy

UPDATED: 2009-01-14 09:10:38 MST

Things just got worse for VANOC.
Nortel Networks became the first sponsor of the Vancouver 2010 Winter Olympics to seek bankruptcy protection on Wednesday. The Toronto-based company's United States subsidiary filed under Chapter 11 in Wilmington, Del. and was to make a similar request to an Ontario court under the Companies Creditors Arrangement Act. Trading of Nortel shares was halted on the Toronto Stock Exchange. Nortel racked up a US$6.3 billion debt through Sept. 30 and has nearly US$12 billion in liabilities. It became an official VANOC supplier of network communications equipment on May 1, 2007. The deal was worth between $3 million and $15 million.

01-14-2009, 10:09 AM	#20
macker First Line Centre Join Date: Apr 2007 Exp:	Vancouver Olympics suffer first sponsor bankruptcy UPDATED: 2009-01-14 09:10:38 MST Things just got worse for VANOC. Nortel Networks became the first sponsor of the Vancouver 2010 Winter Olympics to seek bankruptcy protection on Wednesday. The Toronto-based company's United States subsidiary filed under Chapter 11 in Wilmington, Del. and was to make a similar request to an Ontario court under the Companies Creditors Arrangement Act. Trading of Nortel shares was halted on the Toronto Stock Exchange. Nortel racked up a US$6.3 billion debt through Sept. 30 and has nearly US$12 billion in liabilities. It became an official VANOC supplier of network communications equipment on May 1, 2007. The deal was worth between $3 million and $15 million.