Nortel to sell entire GSM business

By Peggy Kataveli, CMA, B2P
Published on Thursday October 1, 2009 at 12:01 am ET
Updated 04-6-10, 6:18 pm ET

The bankrupt Canadian-based telecommunications equipment-maker is continuing to liquidate its assets by announcing the company would sell its entire GSM and GSM-R business units.

Nortel has filed motions in both Canadian and U.S. courts to begin initial phases to sell the businesses.

Potential buyers will have to file offers by November 5, 2009, with an option auction starting a few days later on Nov 9.

 Nortel has already sold off a number of its businesses and assets already.

On June 25, 2009, Ericsson bought Nortel’s CDMA LTE assets for $1.3 billion.

Nortel lastly posted a $2.14B Q4 2008 loss before filing for chapter 11-bankruptcy protection on January 14, 2009, and about a month later announced up to 3,200 additional layoffs.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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