Major Olympics 2012 sponsor raises concern over its future

‘Let’s see how far we’ve come’, says the song of an advert by Nortel Networks, a Canada-based company and sponsor of the next Olympic Games. It could ahve not gone farther than tomorrow as reports suggest, had it not filed for bankruptcy protection ahead of a gigantic interest payment which is due tomorrow.

The company, which employs 30,000 staff spread over 30 countries, said this move was part of a process of reorganisation aimed at making it stronger.