Bankrupt Nortel Abandoning WiMAX

Nortel Networks Corp. sure isn’t enjoying the current economic climate, especially since it had to file for bankruptcy protection in the US and Canada earlier. Now it seems that it has to abandon its WiMAX high-speed wireless business, as it begins to restructure. Nortel will also cut ties with Alvarion Ltd after it had agreed to resell Alvarion’s WiMAX products and to help fund developments for the new wireless technology. With the current economic crisis showing no signs of letting up, it remains to be seen how many large corporations will be left standing when it finally blows over.