In 2009, Nortel Networks Corporation filed for protection from creditors under the CCAA. Nortel initially sought to emerge from bankruptcy protection as a viable business, but in June of 2009 Nortel announced that it would sell off all its assets and cease operations. Nortel’s share price went to $0.185 after having been as high as $1245. Ninety thousand people would lose their jobs as a result of Nortel’s demise. In the end, the amount paid to lawyers, accountants, financial experts, and consultants in connection with the bankruptcy of Nortel would surpass $1 billion. Is the CCAA an appropriate mechanism for companies to seek protection from creditors?