Nortel given thumbs up to pay $7.3bn to creditors


Nortel was once a key Canadian technology vendor with a market capitalisation of around $250 billion, but filed for Chapter 11 protection in its home country and the US, selling off a number of business units after it failed to restructure its assets.

Ciena picked up its Ethernet networking business for $769 million, while Ericsson took on its CDMA and LTE assets for $1.13 billion. The Swedish firm also invested in Nortel’s GSM arm, alongside Kapsch.

Embattled Avaya – a company which itself filed for Chapter 11 protection last week amid reported debts of around $6.3 billion – was also involved, buying Nortel’s enterprise solutions unit.

Source: Nortel given thumbs up to pay $7.3bn to creditors

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