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Nortel to sell entire GSM business


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.

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Ericsson wins $1.3B Nortel CDMA LTE technologies bid


Nortel has confirmed today it has entered into a sale agreement with Swedish-based Ericsson Corp. to buy Nortel’s CDMA Business and LTE Access Assets for $1.13 billion following Nortel’s liquidation.

Nortel President and CEO Mike Zafirovski said in a statement today, “[The sale] represents a very positive prospect for our customers who will be able to continue their relationships with a long term partner; for employees who will have new opportunities at Ericsson and for many of our other stakeholders. I want to especially thank our customers for their tremendous support during the process, which contributed to such a positive outcome.”

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Nortel blocking RIM from buying wireless Nortel Assets


Waterloo-based Research In Motion (RIM) is looking to acquire Nortel’s CDMA and Long Term Evolution Access businesses, among other assets, for $1.1 billion.

Now, RIM is publicly accusing Nortel for intentionally blocking its acquisition bids mainly because RIM wants to buy additional Nortel assets.

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Nortel to liquidate, Nokia buys Nortel wireless-research division


Update: Nortel is working on removing its shares from stock exchanges

The largest telecom equipment maker Nortel Networks Corp. has just announced the company will actually now liquidate, after entering chapter 11 bankruptcy protection in January 2009.

Nortel confirmed Nokia Siemens would buy its most lucrative carrier-networks division, CDMA assets, and its wireless-research division for $650 million.

The deal is expected to close, pending regulatory approval (July 30 in Canada, July 28 in the United States), in Q3 2009.

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Nortel to Pay Executives $7.3M in Bonuses With Court Win


The world’s largest telecommunications equipment maker and Toronto-based, Nortel Networks, has just won an approval by Canadian and American courts to pay out US $7.3 million to upper management.

Nortel filed for Chapter 11 bankruptcy protection on January 14, 2009. Under the new restructuring plans, the company plans to cut up to 5,000 jobs by the end of 2009, most recently announcing 3,200 new job cuts.

Nortel’s Chief Counsel Derrick Tay supports the payout and said today “You need to keep the good people to make sure this restructuring is successful…” despite thousands of employees have been denied severance.

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Nortel Posts $2.14B Q4 2008 Loss on Slumping Networking Equipment Sales


Still the world’s largest telecommunications equipment maker, Nortel, has announced a massive $2.135 billion Q4 2008 loss with sales down 15% to $2.72 billion given slumping demand for business and consumer networking equipment. Nortel also posted a massive $3.4 billion Q3 2008 loss, forcing the company into bankruptcy protection on January 14, 2009 because of declining cash balances.

For 2008, sales were down by 5% compared to 2007 to $10.42 billion. Nortel has not made any 2009 forecasts to date. Read the full story

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Nortel Announces 3,200 New Layoffs Worldwide


North America’s largest telecommunications maker Nortel has announced it will cut 3,200 jobs internationally in 2009, on top of the 1,300 job cuts announced in November 2008. The laid off employees will not recieve any severance or other compensation. Although a tuff decision that will financially affect employees and their families, the company says the cuts are necessary. Nortel recently filed for chapter 11-bankruptcy protection on Jan 14, 2009 as the company tries to regroup under these tuff economic times.

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