Canadian telecommunications firm Nortel, one of the ‘tier one’ sponsors of the London Olympics, has filed for bankruptcy protection.
The International Herald Tribune newspaper reports that London 2012 organisers hope that the company will continue to support their event, either by restructuring under bankruptcy protection, or finding a buyer.
Nortel is believed to have committed to providing £40 million to London 2012 in cash and services. The services include supplying secure networks, local wireless networks, and call centre and fixed telephony infrastructure.
Nortel is also a supplier for the 2010 Vancouver Winter Olympics. The International Herald Tribune reports Ward Chapin, chief information officer for Vancouver's Olympic organizing committee, as saying that much of Nortel’s support has been delivered and will be in place by May.
