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Nortel Business and Financial Restructuring - EMEA
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Nortel Business and Financial Restructuring
EMEA February 24, 2010 Update: Nortel Announces GENBAND as Successful Acquirer of its Carrier VoIP and Application Solutions Business
Nortel Networks Corporation today announced that, it, its principal operating subsidiary Nortel Networks Limited (NNL), and certain of its other subsidiaries, including Nortel Networks Inc. and Nortel Networks UK Limited (in administration), will not proceed to auction and will work towards closing the asset sale agreements with GENBAND, Inc. (GENBAND) which were previously announced on December 23, 2009. The agreements provide for the sale of substantially all of the global assets of Nortel’s Carrier VoIP and Application Solutions (CVAS) business for a purchase price of US$282 million, subject to balance sheet and other adjustments currently estimated at approximately US$100 million for a net purchase price of approximately US$182 million.
Read the press release » Nortel to Sell Carrier VoIP and Application Solutions Business (December 23) » Nortel Obtains Canadian and U.S. Court Approval of Stalking Horse Agreement and Bidding Procedures for Sale of Carrier VoIP and Application Solutions Business (January 6) » December 18, 2009 Update: Nortel Completes Sale of Substantially All of Enterprise Solutions Business to Avaya
Nortel announced it has completed the sale of substantially all of the assets of Nortel's global Enterprise Solutions business as well as the shares of Nortel Government Solutions Incorporated and DiamondWare, Ltd. to Avaya Inc.
Read the press release »
Nortel To Sell Enterprise Solutions Business (July 20) » December 8, 2009 Update: Nortel Completes Sale of Assets of Next Generation Packet Core Network Components to Hitachi
Nortel announced that it has completed the sale of the assets of its Carrier Networks business associated with the development of Next Generation Packet Core network components (Next Generation Packet Core Assets) to Hitachi Ltd. for a purchase price of US$10 million
Read the press release » Nortel Provides Update on Auction Date for the Sale of its GSM/GSM-R Business; Obtains Further Extension of Stay Period Under CCAA; and Obtains Canadian and U.S. Court Approval for Sale of Packet Core Assets (October 28) » Nortel Enters into Agreement for Sale of Certain Next Generation Packet Core Network Components (October 26) » November 25, 2009 Update: Nortel Selects Ericsson and Kapsch as Successful Bidders for GSM/GSM-R Business
Nortel announced that it has concluded a successful auction of substantially all of the global assets of Nortel's GSM/GSM-R business. Telefonaktiebolaget LM Ericsson ("Ericsson") and Kapsch CarrierCom AG ("Kapsch") are the winning joint bidders with a purchase price of US$103 million in cash.
Read the press release » Nortel Announces the Auction Date for the Sale of its GSM/GSM-R Business (November 23) » Nortel Provides Update on Auction Date for the Sale of its GSM/GSM-R Business (November 19) » Nortel Provides Update on Auction Date for the Sale of its GSM/GSM-R Business; Obtains Further Extension of Stay Period Under CCAA; and Obtains Canadian and U.S. Court Approval for Sale of Packet Core Assets (October 28) » November 23, 2009 Update: Nortel Selects Ciena as Successful Bidder for Optical Networking and Carrier Ethernet Businesses
Nortel announced that it has concluded a successful auction of substantially all of the assets of Nortel's global Optical Networking and Carrier Ethernet businesses. Ciena has emerged as the winning bidder with a purchase price of US$530 million in cash plus US$239 million principal amount of convertible notes due June 2017.
Read the press release » To our customers: Please email us at osupport@nortel.com should you have additional questions regarding the auction close announcement and the forthcoming transition period. Nortel Provides Update on Auction Date for the Sale of its Optical Networking and Carrier Ethernet Businesses (November 18) » Nortel Provides Update on Auction for the Sale of its Optical Networking and Carrier Ethernet Business (November 13) » November 13, 2009 Update: Nortel Completes Sale of CDMA Business and LTE Access Assets to Ericsson
Nortel 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 (Ericsson) for a purchase price of US$1.13 billion
Read the press release » Nortel and Ericsson Amend Asset Sale Agreement To Provide For Closing Date Extension (October 30) » Nortel Selects Ericsson as Successful Bidder For CDMA Business and LTE Access Assets (July 25) » Nortel Statement on Wireless Asset Auction (July 22) » Nortel To Sell CDMA Business and LTE Assets; Company Advancing in Its Discussions With External Parties To Sell Other Businesses (June 19) »
Nortel Networks UK Limited and certain subsidiaries of the Nortel group incorporated in the EMEA region have each obtained an administration order from the English High Court of Justice under the Insolvency Act 1986.
EMEA disclaimer Read the News Releases
January 21, 2010 - Nortel Obtains Further Extension of Stay Period Under CCAA and Obtains Canadian and U.S. Court Approvals for Inter-Company Funding Agreement »December 23, 2009 - Nortel Announces Inter-company Funding Agreement and Settlement of Certain Inter-company Claims » December 18, 2009 - Nortel Obtains Further Extension of Stay Period Under CCAA » October 28, 2009 - Nortel Provides Update on Auction Date for the Sale of its GSM/GSM-R Business; Obtains Further Extension of Stay Period Under CCAA; and Obtains Canadian and U.S. Court Approval for Sale of Packet Core Assets (October 28) » October 5, 2009 - Nortel Statement on Optical Networking and Carrier Ethernet businesses » September 21, 2009 - Nortel Plans Sale of Assets of Next Generation Packet Core Network Components » August 10, 2009 - Nortel Announces Board of Directors, Management Team and Organizational Changes » August 10, 2009 - Nortel Reports Financial Results for the Second Quarter 2009 » July 30, 2009 - Nortel Obtains Further Extension of Stay Period Under CCAA » July 28, 2009 - Nortel Obtains Canadian and U.S. Court Approvals for Sale Agreement with Ericsson for CDMA Business and LTE Access Assets for Purchase Price of US$1.13 Billion » July 25, 2009 - Nortel Selects Ericsson as Successful Bidder For CDMA Business and LTE Access Assets » July 22, 2009 - Nortel Statement on Wireless Asset Auction » July 20, 2009 - Nortel To Sell Enterprise Solutions Business » June 19, 2009 - Nortel To Sell CDMA Business and LTE Assets; Company Advancing in Its Discussions With External Parties To Sell Other Businesses » May 27, 2009 - Nortel to Seek Buyer for Stake in LG-Nortel Joint Venture » May 11, 2009 - Nortel Reports Financial Results for the First Quarter 2009 » April 28, 2009 - Nortel Obtains Extension of Stay Period Under CCAA and Extension to EDC Agreement » March 31, 2009 - Nortel Completes Divestiture of Certain L4-7 Data Assets to Radware » February 25, 2009 - Nortel Announces Workforce Reductions » February 19, 2009 - Nortel to Divest Layer 4-7 Data Portfolio » February 10, 2009 - Nortel Obtains Extension of Stay Period Under CCAA And Extension to EDC Agreement » January 16, 2009 - Nortel Obtains Approvals From U.S. Court » January 15, 2009 - Nortel Networks UK Ltd Enters Administration* » January 14, 2009 - Nortel Obtains Court Orders for Creditor Protection » January 14, 2009 - Nortel Commences Comprehensive Business and Financial Restructuring »
For More Information on Restructuring Proceedings
Canada and the United States: please see the North America restructuring page.
Ernst & Young EMEA Disclaimer:
For the Companies listed below, The Institute of Chartered Accountants in England and Wales authorises A R Bloom, S Harris and C Hill to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986 and the Association of Chartered Certified Accountants authorises A M Hudson to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986. The affairs, business and property of the Companies are being managed by the Joint Administrators, A R Bloom, S Harris, AM Hudson and C Hill who act as agents of the Companies only and without personal liability. The Companies are Nortel Networks UK Limited; Nortel Networks SA; Nortel GmbH; Nortel Networks France SAS; Nortel Networks NV; Nortel Networks SpA; Nortel Networks BV; Nortel Networks Polska SP Zoo; Nortel Networks Hispania SA; Nortel Networks (Austria) GmbH; Nortel Networks sro; Nortel Networks Engineering Service Kft; Nortel Networks Portugal SA; Nortel Networks Slovensko sro; Nortel Networks Oy; Nortel Networks Romania SRL; Nortel Networks AB; Nortel Networks International Finance & Holding BV For local language disclaimers please click here. Nortel Networks (Ireland) Limited (in Administration) The affairs, business and property of Nortel Networks (Ireland) Limited are being managed by the Joint Administrators, A R Bloom and D Hughes, who act as agents of Nortel Networks (Ireland) Limited only and without personal liability. |
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