The Toronto-based company, which was Canada's biggest company by market value at the height of the technology boom, said the bankruptcy process would allow it “to deal decisively with its cost and debt burden, to effectively restructure its operations and to narrow its strategic focus in an effective and timely manner”.
It added that its operations would continue “without interruption”.
However, some analysts reckon the company will be broken up and sold piecemeal to its rivals.
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