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Nortel Networks seems to be the recent company to be seen going down, as the economy doesn’t seem to be getting any better. The telecommunications equipment maker filed for bankruptcy protection, signaling that the company is on the edge, though it still has about $2.6 billion in cash.

Nortel has been trying to stabilize itself by cutting down on spending and selling some of its assets, but all in vain. The company is trapped in paying back its $3.8 billion bond debt, which is perhaps the main reason of its steep decline now, keeping in mind the drop in revenues as well. The once high-flying company has seen its worth go down from being $250 billion in 2000 to $275 million now.