No immediate threat to Nortel jobs

Telecommunications giant Nortel Networks has filed for bankruptcy protection across the world to allow a complete restructuring of its finances – which would help save around 250 jobs at its plant in Mervue.In the meantime, a spokesperson for the Galway facility said operations are expected to continue as normal. And it is understood that there is no immediate threat to workers at the Research & Development facility in the Mervue Industrial Estate.“Day to day business is continuing,” a spokesperson told the Galway City Tribune.According to the company’s headquarters in Canada, filing for protection from its creditors will allow Nortel the opportunity to look at its existing debt and how its finances can be restructured.At the moment, the company has debts of around $4.5 billion and is seeking protection from its creditors in Canada, the United States and Europe, the Middle East and Africa.“This action will...