EDC moves to support Nortel following bankruptcy filing

(ITProPortal.com, UK, 14 January 2009) In a statement to AFP, Canadian Industry Minister Tony Clement confirmed that Export Development Canada will provide with up to 30 million Canadian dollars (£16.5 million) in short term financing and encourage other financial institutions to open channels of communication with Nortel which filed for bankruptcy protection to stave off its international creditors and preserve up to $2.4 billion in cash.