In an announcement made by the Quebec Government recently, it was stated that the Government would back and safeguard pensions of over 3,700 employees working for Nortel, a company which is currently under bankruptcy protection. As per Government's announcement, employees of Quebec Nortel would be duly covered under provincial legislation taking care of bankruptcy provisions.

"What we're offering to Nortel's Quebec retirees is time, breathing room and hope for a turnaround, if ever their pension plans are terminated with a deficit that causes financial losses for those who have spent their entire lives building the company", National Assembly member Francois Ouimet said in a statement.

Amidst crunching economic times,constant losses and mounting debts, Nortel had started selling off its globally operational units one by one, a move that did not help the firm all that much and it had to eventually file for bankruptcy.