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In January, Nortel filed for creditor protection in Canada and the U.S. The company was hit hard by the economic downturn, as well as its own technological missteps and a serious of accounting scandals after the bursting of the technology bubble. The company, which is based in Toronto, still has about 2,000 workers in the Triangle and 30,000 overall. (Raleigh Triangle Business Journal, NC)
U.S. government increasing stake in Citigroup to 36% Mar 1, 2009
8 billion shares traded yesterday set a New York Stock Exchange record, topping a mark set by WorldCom Inc. in 2002 during its accounting scandal. The government now would have a large, long-term stake in a major bank for the first time since the U.S. took control of failed Continental Illinois bank in 1984, Elliott said. (Honolulu Advertiser)
EZchip Set To Expand Into Field's Low End • Fallout From Satyam Case Could Linger Feb 18, 2009
Officials, executives and investors don't have an answer yet, but the Indian government is taking a hard line on the Satyam accounting scandal ... Eight years ago, the Enron accounting scandal and several similar scandals sparked passage of the tough accounting regulation known as the Sarbanes-Oxley Act. (Investors Business Daily)
Nortel's bankruptcy leaves former workers without safety net Feb 11, 2009
The company was done in by a corporate accounting scandal, mounting debt and mismanagement, problems that were exacerbated by declining sales and the global recession. Nortel warned in its bankruptcy filing that without protection from creditors, it could run out of cash in the second quarter. (Fresno Bee -- Business)
Charter mum on reports of bankruptcy preparations Feb 10, 2009
On Friday, the Bloomberg news service reported that Greg Doody an attorney who had helped lead natural gas-fueled power producer Calpine Inc. out of bankruptcy and who helped HealthSouth Corp. stave off bankruptcy after a 2003 accounting scandal had been hired by Charter. Citing people familiar with knowledge of the matter, Bloomberg noted that Charter hired law firm Kirkland & Ellis and investment bank Lazard Ltd. last month to advise on reorganization options. (Gaylord Herald Times, MI)
Ireland's Elan trims losses as MS drug sales surge Feb 10, 2009
Elan stopped short of forecasting its first return to operating profit since 2002 the year that Elan came close to bankruptcy amid an accounting scandal and the failure of an experimental treatment for Alzheimer's disease. An exceptional $236. (International Herald Tribune -- Technology)
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