Nortel May Break Itself Into Pieces
According to the Globe and Mail newspaper, Nortel networks may sell off major divisions rather than attempt to regroup while it is under bankruptcy protection. Sources indicated that Nortel is already entertaining offers from other companies for parts of its business, though Nortel declined to say who. Both Nortel's wireless business and in-office telecom business have seen interest from outside parties. When it declared bankruptcy, Nortel had cash reserves of $2.4 billion and debts exceeding $4.5 billion.