According to the bankruptcy application documents submitted today by Nortel Networks headquartered in Toronto, the company's net liabilities are over 1 billion US dollars. Nortel and many of its branches have filed for bankruptcy protection with the Bankruptcy Court in Wilmington, Delaware under Chapter 11 of the U.S. Bankruptcy Code. The company also stated that several of its Canadian branches will apply for bankruptcy protection today. Nortel Networks will repay approximately 107 million US dollars in bond interest tomorrow.