Ciao: Nortel Will Liquidate Assets, Sell to Nokia
Sara Silver writes on the Wall Street Journal:
Nortel Networks Corp. said it will liquidate, ending efforts to restructure in bankruptcy court, and sell its businesses piecemeal. It agreed to accept a $650 million bid by Nokia Siemens Networks for the most lucrative part of its carrier-networks division and a wireless-research unit, the company said Friday.More here.
Toronto-based Nortel has struggled to sell its assets since entering bankruptcy-court protection in January, as customers looked elsewhere for equipment upgrades and the value of the telecom-gear maker's assets fell.