Nortel Expects To Raise $1B In Biz Unit Sales

Law360, New York (February 11, 2010, 2:53 PM EST) -- Bankrupt telecommunications giant Nortel Networks Corp. predicts it will raise another $1 billion by continuing to sell off several of its businesses.

Since beginning the sale of its assets in June, Nortel already has managed to raise $2 billion from the sale of its business units, $1.2 billion more than those sales' initial stalking horse agreements outlined, the company said Thursday.

The $1 billion projection includes the previously announced planned sales of Nortel's optical networking and carrier Ethernet unit to Ciena Corp. for $769 million, its...
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