Nortel plans selling GSM business
By siliconindia   |   Thursday, 01 October 2009, 23:05 IST   |    1 Comments
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Nortel plans selling GSM business
San Francisco: Nortel Networks is planning to sell its global GSM business, as its continues to auction off its assets, amidst bankruptcy. Nortel will also be selling its GSM-R business, a technology used by railways. To establish a sale procedure for the GSM/GSM-R business, Nortel has filed a motion with U.S. and Canadian courts. Bidders will need to submit offers by November 5, after which there will be an open auction on November 9. It was the bubble burst in 2000, that set off Nortel's stock tumbling, after which it suffered a series of accounting scandals and lawsuits. The company filed for bankruptcy protection in January and later elected to sell off its assets rather than try to restructure. Earlier this month, U.S. and Canadian judges approved the sale of Nortel's enterprise business to U.S. based Avaya for about $900 million.

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