Bankrupt Nortel selling GSM and GSM-R businesses
San Francisco, Oct 1: Bankrupt telecom equipment manufacturer, Nortel Networks Corp has revealed plans to sell its global GSM business.
Apart from Global System for Mobile communications or GSM, which is the world's most popular wireless technology standard for mobile phones; Nortel will be selling GSM-R business which is a technology used by railways.
The company has filed a motion with U.S. and Canadian courts to establish a sale procedure and the bidders will be required to submit offers by Nov 5, which will be followed by an open auction on Nov 9.
The Canadian company filed for bankruptcy after it suffered series of accounting scandals and lawsuits following its big fall in 2000.
After officially declaring bankruptcy, Nortel has resorted to selling ts assets rather than restructuring.