Nortel explores bankruptcy, govt aid scenarios: report

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(Reuters) - Nortel Networks Corp has sought legal advice to study a bankruptcy protection scenario in the event that its restructuring plan fails, and it has also been exploring potential assistance from the Canadian government, the Wall Street Journal reported.

On the subject of legal advice for studying a bankruptcy scenario, the newspaper cited people familiar with the situation, while on the potential government aid scenario it cited a person familiar with the situation.

The paper quoted a Nortel spokesman as saying no bankruptcy filing was imminent although the Toronto-based company has engaged several advisers to plan ahead.

A Nortel spokesman contacted by Reuters said the company had no debt maturity until 2011 and was preserving and strengthening its cash position.

Nortel, North America's biggest maker of telephone equipment, has lost billions of dollars and cut tens of thousands of jobs since the technology bubble burst at the beginning of this decade.

The company has been unable to recover since then, with its problems exacerbated by the global economic slowdown.

RBC Capital Markets analyst Mark Sue said in November the company faced significant liquidity concerns, with bankruptcy a distinct possibility before 2011.

(Reporting by Eric Yep in Bangalore; Editing by Mike Miller)

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