Nortel is in talks to sell its core wireless equipment business as well as a separate unit that builds telecom systems for offices.

Avaya and Siemens Enterprise Communications were two of the companies that have held talks with Nortel. Cisco Systems reportedly looked at the enterprise unit but wasn’t expected to bid.

Nortel, which filed for protection from creditors in January, released disastrous fourth-quarter earnings at the beginning of March, reporting $2.1 billion in losses. Concurrent with the earnings report, Pavi Binning, the company’s CFO, was appointed to the role of chief restructuring officer.

Mike Zafirovski, Nortel’s president and CEO, has continued to stress that the company is restructuring in an effort to move forward. "Work is taking place across Nortel to develop a comprehensive plan to restructure Nortel into a more focused, leaner and more competitive company," stated Zafirovski in the most recent earnings report.  The plan is reportedly due out by April or May upon approval from creditors.

By: DocMemory
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