According to the Wall Street Journal (subs. required), Nortel filed for Chapter 11 bankruptcy today. The move isn’t surprising. Speculation has been building about Nortel’s fate for some time now. They’ve been battered over recent years and with today’s economic climate, their fate was pretty much sealed months ago. They owe bondholders more than $3.8 billion. Now the question is, can they emerge, or are they done for good?