Becoming the latest casualty in the ever-widen economic crisis, Canadian telecom giant Nortel Networks has filed for bankruptcy. The decision, according to The Globe and Mail, is likely to result in the splitting and selling off of the company. Nortel had already tried and failed to find buyers for various divisions back in September.

The move caused the company's stock to plunge down to 5.41 cents Canadian. At its peak in 2000, the Toronto-based company had 95,000 employees and a $366 billion Canadian market capitalization. Nortel's shares are now worth a total of $192 million Canadian with 26,000 employees.

"It is an iconic Canadian name and there will be a great national grieving over this," a source told the paper.