Nortel Gets $750-Million Loan From Canada

Telephone equipment giant Nortel Networks Corp., which has had 12 straight quarterly net losses, said it obtained as much as $750 million in financing from the Canadian government.

Nortel’s board also gave the company a go-ahead to seek shareholder approval for a planned reverse stock split, the company said.

Shares of Brampton, Canada-based Nortel rose 8 cents to $2.31 on the New York Stock Exchange.