Another Olympics sponsor has bitten the dust, thanks to the recession.
Nortel, the telecoms equipment company has filed for bankruptcy protection today in a move affecting around 2,000 UK staff. Nortel UK is a £40M "tier one" sponsor of London's 2012 Olympics.
The London Olympic organising committee (Locog) appears to be "relaxed" about the matter. They are quoted in The Independent:
"We are aware of the situation and will work through it with Nortel."
Nortel currently employs around 30,000 people across 30 countries.
Olympic Medals won during the Beijing 2008 Olympics
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