 "Nortel To Sell GSM Business")
Nortel Networks Corp said that it plans to sell its global GSM business, as the bankrupt telecom equipment maker continues to auction off its assets.
GSM – which stands for Global System for Mobile communications – is the most popular wireless technology standard for mobile phones in the world, Nortel said. It will also be selling its GSM-R business, a technology used by railways.
The company has filed a motion with U.S. and Canadian courts to establish a sale procedure for the GSM/GSM-R business.
Bidders will be required to submit offers by November 5, followed by an open auction November 9.
Once Canada’s most valuable company, Nortel saw its stock tumble after the technology bubble burst in 2000. It then suffered a series of accounting scandals and lawsuits.
Nortel filed for bankruptcy protection in January. It later elected to sell off its assets rather than try to restructure.
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