The future of Nortel Networks Corp. the Canadian maker of telecom equipment that once boasted a market capitalization of about $250 billion seems uncertain amid questions that the company will break up and sell its parts.

But Nortel's Mike Zafirovski, President and CEO said Wednesday that a breakup is not a top priority for the business.

On the contrary, it's to be able to come out the other side as a nimbler, more focused, successful technology company, Zafirovski, said in an interview with the Globe and Mail yesterday. He expressed there was not yet any announcement regarding a new strategy for the business.

Nortel filed for bankruptcy protection on Wednesday. It has reportedly $2.5 billion in cash and filed a day before it had to repay $107 million of interest payments.

Some analysts believe Nortel's only choice at this point is to sell its industry-leading technology at discount prices, analyst Mark Sue at RBC Dominion Securities Inc said, according to the Globe and Mail.