Nortel is coming to the table for yet another bankruptcy protection handout.
A company statement said that the extension it filed would provide it the necessary time to “file a plan of reorganization and solicit support for such a plan.”
Such a theory that Nortel needs the extra time to sell more of its units is not completely off base. Reports have emerged that there are a number of potential interested bidders for Nortel's profitable Metro Ethernet Networks (MEN) and its carrier VoIP units.
Then there's the MEN business, which has attracted other potential suitors such as Ciena, Ericsson and NSN.
- here's the Seeking Alphaarticle