No surprises there
Hardly surprising it's going under. I was working for Bookham when Nortel nearly went bust last time, Bookham ended up effectively being handed Nortel's optics division on a plate.
The Nortel guy we took on as CFO almost caused a mutiny when he demanded that pay be frozen for the 3rd year running. He was warned that if the engineers didn't get a payrise they'd leave. The warning came true. Mind it was too late by then as the company moved to the US in order to use Chapter 11.
No longer exists now as it merged with another company and renamed itself.
I still have all the utterly worthless share options somewhere.