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Is Nortel going into bankruptcy?

Nortel Networks Corp. has sought legal advice on going into bankruptcy in the event of the failure of a restructuring it announced on Nov. 10, according to The Wall Street Journal , which cited anonymous sources.

The Journal said a spokesman for Canada-based Nortel said no bankrutpcy filing is imminent, but that the company has hired advisers to help determine its future course of action.

The company, whose U.S. base is in Richardson, said in November it plans to cut 1,300 jobs as part of a corporate reorganization.

Toronto-based Nortel is also considering seeking help from the Canadian government, although problems in that government have made that initiative difficult, the WSJ said, citing a source familiar with the matter.

In a statement e-mailed to the Dallas Business Journal , a Nortel spokesman in Richardson, Jay Barta, says the company has “no debt maturity until 2011, and we are preserving and strengthening our cash position ... The goals we laid out on Nov. 10 have not changed.” [Source: Dallas Business Journal]

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