| Nortel Creditors Call for Changes to Nokia Sale |
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| Written by Mike Buetow | |||
| Monday, 29 June 2009 10:13 | |||
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SAN JOSE -- Flextronics is among several Nortel Networks creditors calling for changes to the beleaguered telecom OEM's planned sale of certain wireless assets to Nokia Siemens Networks. The Nortel-Nokia Siemens deal is worth some $650 million, which Nortel desperately needs to exit bankruptcy. But the creditors could hold up or cancel the deal, pending changes to the auction for the company's CDMA and LTE wireless assets. Among their chief complaints: The $22.5 million breakup fee owed to Nokia Siemens, should Nortel sell the assets to someone else, and a term that permits Nokia Siemens to see competitors' bids. The creditors claim the rules unfairly handicap other potential bidders. Nortel said it had one other bid besides the offer from Nokia Siemens. The Nokia Siemens deal is expected to close in July, pending other offers. According to reports, Nortel's creditors want the auction to last at least 15 more days in the hopes of generating additional bids. Flextronics heads the major US creditors committee. The EMS firm makes a reported 70% of Nortel's equipment.
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