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Nortel is apparently in a crunch as it seeks legal advice to explore bankruptcy. This would be explored if the company’s restructuring plan doesn’t go as expected. Ronald Alepian, a spokesman from Nortel states:

No bankruptcy filing is imminent.

We remain focused on carrying out the restructuring we outlined on Nov. 10 to cut costs.

(The company) should be able to sustain adequate levels of liquidity in the next 12-18 months.