Nortel gets bankruptcy extension, reportedly nears asset sales

Nortel Networks has received the three-month extension for its bankruptcy protection period it sought from the Ontario Superior Court. The Ottawa Citizen also reports that the company is getting closer to selling units and that one sale may be imminent. Meanwhile, The Financial Times reports that Nortel also is looking to sell its half of a joint venture with LG. LG-Nortel last year aggressively moved into the promising technology arena of WDM-PON.

The Ottawa Citizen story talks about possible upcoming asset sales, but also outlines the rather rapid fall of Nortel and some opportunities that the company may have missed to improve its prospects.

For more:
- The Triangle Business Journal has this story on the extension
- The Ottawa Citizen has this story on asset sales
- The Financial Times has this story on LG-Nortel

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LG-Nortel acquired Novera Optics last year
Nortel filed for bankruptcy protection in January