Nortel's Nadir

How Canada's top tech firm lost its dial tone--and why other telephony firms will follow it


In the past few months, Canada's telecom industry has been a cautionary tale. It's now increasingly likely that Nortel Networks Corp., the biggest maker of telephone equipment on the continent, will emerge from bankruptcy stripped of many of its most valuable assets along with its ambitions to be a world beater. Meanwhile, Montreal-based BCE Inc., parent of the country's biggest telco, Bell Canada, has continued its slide since a record $42.1 billion deal to privatize the company was abruptly killed in the final weeks of 2008.

And the harsh reality is that the situation will get worse--perhaps much worse--not only in...

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