Canada-based telecom equipment vendor, Nortel has sought more time from courts to develop and implement restructuring plan that will facilitate it emergence from bankruptcy.

Ernst and Young which have been appointed by courts to monitor Nortel said that Nortel will have sufficient cash outflow of about $56 million between April 12 to July 11 enabling it to further progress on its restructuring plan.

Nortel wants the deadline for bankruptcy protection to be extended from May 1 to July 30.

Nortel had filed for bankruptcy in January and since then the management has been devising plan to come out of it by way of restructuring.