Nortel Expects Another $1 Billion from Asset Sales

Susan Hall

Bankrupt Nortel reported that it has made about $2 billion from the units it has sold off so far and expects to generate another $1 billion from sales of its other businesses, including its optical networking and carrier Ethernet service, reports Reuters.

 

Nortel sold its fiber-optic and Ethernet businesses to Ciena and its wireless assets to Ericsson. Bloomberg reports the company is looking to maximize the value of thousands of patents, including patents for wireless technology sought by Research In Motion.

 

It's asking U.S. and Canadian courts to approve a plan to keep key employees on as it sells off its remaining assets, reports The Canadian Press. It says the plan calls for buyers of those assets to pay 88 percent of the costs of the retention program.

 

Meanwhile, the Candian governement has stepped in to shore up the pensions of former employees who felt they'd been left in the lurch in the bankruptcy, reports the Montreal Gazette.



Add Comment      Leave a comment on this blog post

Post a comment

 

 

 

 


(Maximum characters: 1200). You have 1200 characters left.

 

 

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

Resource centers

Business Intelligence

Business performance information for strategic and operational decision-making

SOA

SOA uses interoperable services grouped around business processes to ease data integration

Data Warehousing

Data warehousing helps companies make sense of their operational data