There's a lot of talk about Nortel right now, but to give you all a little cozier feeling about it, just let me say "this is not the end of Nortel".
They have only applied for creditor protection. They are not closing shop, just re-organizing.
The new Nortel may be a slimmer Nortel after this, but I strongly believe that we will still have Nortel around for many years to come.
They say they will still be doing R&D. As much as they have been? Who knows? Time will tell.
They will still sell products. Will they eliminate some products? Will they sell off some lines of products to other companies just as they bought up product lines like Bay Networks switches? Maybe.
The CEO released a statement and video here: http://www.nortel.com/corporate/restructuring.html
...and they have an investor's FAQ here: http://www.nortel.com/corporate/collateral/investor_faq.pdf