You're not far off: (from Wikipedia)
Quote:
On January 14, 2009, Nortel filed for protection from creditors in the United States, Canada, and the United Kingdom, in order to restructure its debt and financial obligations.[5] The period of bankruptcy protection has been extended to June 30, 2011.[6]
In June 2009, the company announced it would cease operations and sell off all of its business units.[7]
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Just a few more months...