INSTANT VIEW: Nortel files for bankruptcy protection in U.S

TORONTO (Reuters) - Nortel Networks Corp, North America's biggest telephone equipment maker, filed for Chapter 11 bankruptcy protection with the U.S. bankruptcy court in Delaware on Wednesday.

COMMENTARY:

EAMON HOEY, TELECOMMUNICATIONS CONSULTANT AT TORONTO-BASED MANAGEMENT CONSULTING FIRM HOEY AND ASSOCIATES

"It's a sad day for Canada, in the sense that we've lost one of our icons."

"They failed to ask the fundamental questions: who are our customers today and who will be our customers tomorrow."

"The whole industry has been going through a severe restructuring that began in the mid 90s and Nortel is a casualty of that."

"It's not without some degree of criticism (for Nortel), they were not just caught in the downdraft."

BRENT BRACELIN, ANALYST AT PACIFIC CREST SECURITIES:

"Obviously it doesn't come as a big shock. This was telegraphed from the past three months," he said.

"There will likely be industry consolidation. Some of their assets will be bought. Some will not," he said.

"I'd be hesitant to say they won't be able to resurface in some smaller form or fashion but, it's not looking good at this point," he said. "This is a poster child for a company that has too much debt. As we went into this downturn they weren't in a good position."

PAUL HARRIS, PORTFOLIO MANAGER AT AVENUE INVESTMENT MANAGEMENT:

"I think it's the best thing for them to do. I think the company is in perpetual restructuring ... their businesses are not growing. I think you're going into a deeper recession and so it's going to be more and more difficult. It probably helps them to properly restructure the company, and move it forward if they can."

NIKOS THEODOSOPOULOS, ANALYST AT UBS:

"It think its a smart move for the company because they'll be able to manage the business more effectively because they still have a lot of cash."

"It will allow them to make more logical and timely decisions on what assets to sell."