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.

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