Nortel Networks is slipping closer to the abyss each day. Earlier this week it was reported that the long-suffering telecommunications equipment maker is seeking advice from Lazard Ltd. and law firm Cleary Gottlieb Steen & Hamilton about bankruptcy proceedings. Now comes news that it has received a delisting notice from the New York Stock Exchange. If Nortel (NT) can’t get its stock price above the required $1-a-share minimum the NYSE requires, its shares, which have lost a stupefying 97 percent of their value this year, will be delisted.
Grim news for the once-darling tech company, which was worth about $250 billion.
Its market value today: about $275 million.