Friday, June 19, 2009

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.

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.

More here.


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