Nortel Network News

Technology giant Nortel has been selling off its units since falling under bankruptcy protection in January.

An Ontario court on Thursday dismissed an appeal by the union representing former Nortel Networks Corp.

The fire sale of Nortel Networks operations hit a new low Wednesday when a wireless division was sold for less than 10 per cent of annual sales.

Telecommunications equipment maker Ciena won an auction to acquire a division of Nortel Networks that develops equipment for transmitting data and voice traffic for about $769 million in cash and stock.

Nortel Networks Corporation announced that it, its principal operating subsidiary Nortel Networks Limited , and certain of its other subsidiaries, including Nortel Networks Inc., Nortel Networks UK Limited , and Nortel Networks SA have concluded a successful auction of substantially all of the global assets of Nortel's GSM/GSM-R business.

About Nortel For more information, visit Nortel on the Web at www.nortel.com : . For the latest Nortel news, visit www.nortel.com : /news. Certain statements in this press release may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets", "plans", "envisions", "seeks" and ...

After upping its initial bid to $769 million, Ciena comes away a winner. Sean Michael Kerner : At the core of the Internet's infrastructure are optical networking and carrier Ethernet technologies that provide bandwidth and connectivity.

Nortel Networks Corporation announced today that it, its principal operating subsidiary Nortel Networks Limited, and certain of its other subsidiaries including Nortel Networks Inc., have completed the sale of substantially all of Nortel's CDMA Business and LTE Access assets to Telefonaktiebolaget LM Ericsson for a purchase price of US$1.13 ...

The auction for Nortel Network's optical networking and carrier ethernet business went into a second day on Saturday, after Ciena called for a break in the auction late on Friday, two sources said.

Nokia Siemens Networks and private equity firm One Equity Partners have jointly bid for Nortel Networks Corpa s optical networking and carrier ethernet business, a person familiar with the sale said on Wednesday, challenging Ciena Corpa s US$526-million bid for the assets.

Nortel Networks Corp. , the bankrupt Canadian phone-equipment maker, said it will hold an auction for its optical-networking business after a second bidder offered to buy the unit.

Nokia Siemens Networks and private equity firm One Equity Partners have jointly bid for Nortel Networks Corp's optical networking and carrier ethernet business, a person familiar with the sale said on Wednesday, challenging Ciena Corp's $526 million bid for the assets.

Nortel Networks said Monday that sales fell 24 per cent in the third quarter as the recession and bankruptcy actions drove away customers.

North America has become Ericsson's largest sales region and its second-largest employment region with the just completed acquisition of Nortel Networks assets and the recent outsourcing win from Sprint Nextel Corp.

That compared to a net loss of $63.3 million, or 69 cents a share, a year earlier.

Nortel Networks Corp. won court approval to have JPMorgan Chase & Co. hold proceeds from the sales of its telecommunications units after regulators warned that the money may not be available for Canadian creditors.

Airvana Inc., which supplies products used by wireless operators, said Friday it will get a $39.6 million payment for outstanding invoices related to products and services it sold to Nortel Networks Inc.

The U$1.13 billion acquisition of financially-troubled Nortel's CDMA and LTE wireless assets is now complete.

Qualified bidders are now required to submit offers by November 17, 2009. The Company expects to provide a further update on the auction process and sale of these businesses next week.

Dale Seto is accustomed to toiling out of the spotlight. Most days, the aircraft mechanic crawls around inside the guts of an Airbus jetliner, grease on his hands.