bankruptcy

Former telecom giant Nortel Networks may be in bankruptcy, but the company has some intellectual patents that key technology players such as Apple and Google may engage in fierce bidding over.

Shares of TerreStar Corp. plunged more than 50 percent in Monday's trading following a Wall Street Journal article reporting that the debt-laden mobile wireless network provider may file for bankruptcy.

The former head of AT&T Inc. will become chairman of General Motors Co. when the auto maker leaves bankruptcy later this summer, GM announced today.

If GM files for Chapter 11 bankruptcy as expected IT vendors may be left with unpaid bills and smaller contracts. But the automaker may be able to better position itself to adopt new technologies.

Even though it filed Chapter 11 and is reportedly looking to sell off huge chunks of its business, Nortel is not giving up the enterprise fight.

Nortel is reportedly looking to sell off its stake in a joint venture with Korean telecom company LG in an effort to raise cash.

Bankruptcy courts will allow Nortel Networks to pay as much as US$7.3 million in incentive bonuses to eight key executives.

Spansion became the second major chip maker to file for bankruptcy protection during the global recession after the company failed to meet interest payments on a bond in mid-January.

Nortel Networks Wednesday said it will lay off 3,200 workers in addition to 1,800 layoffs previously announced as it undergoes a restructuring that is part of its Chapter 11 bankruptcy filing in the U.S. and a similar creditor protection filing in Canada

The board of Indian outsourcer Satyam Computer Services received government approval Thursday to sell a stake in the company to a strategic investor.

Nortel lost out on a key contract with Verizon Wireless, a missed opportunity that will add to the company's revenue challenges as it goes through bankruptcy proceedings.

Workers laid off from Nortel are pleading with the company to restore their severance packages.