Fears for Olympic sponsor

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Canadian-headquartered Nortel - whose UK arm is a "tier one" sponsor of London's 2012 Olympics - has offices across the UK.

A spokesman for the London Olympic organising committee (Locog) said on today's news: "We are aware of the situation and will work through it with Nortel."

The announcement comes amid mounting concerns over the firm's future after it reported rising losses and ahead of a mammoth interest payment due on Thursday.

Nortel sought to assure that the bankruptcy protection would help it "emerge from this process as a more focused, financially sound and competitive company".

It added that today's decision was made while it has sufficient funds to run operations and to cover restructure costs.

Nortel will give details on the impact on its operations in the UK and elsewhere outside of Canada and the US in "due course".

Nortel signed up as one of the top sponsors for the 2012 Olympics at the end of July last year to help provide telecoms network services for the Games.

The deal with Locog is understood to be in the region of £40million to provide a mixture of cash and value-in-kind.

It is believed that Nortel has met all its commitments to date.