Nortel filed bankruptcy in January, and is trying to get an extension on their restructuring efforts until May 1st. Nortel is considering getting rid of some real estate holdings, corporate jets, and employees. The real estate and jets are expecting to save the company $1 Million a month. There is a very detailed plan that Nortel is trying to enact to turn their comany around, and this plan includes cutting some of their 30,000 employees although there is no word yet as to how many of these employees are going to be cut. Nortel has already taken steps to help their business. Their first action was to pull out of the WiMax market, to cut the expenditures in a portion of their business that would not yet be profitable.
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