Posts tagged “Nortel”
How $7.5 billion assets will be allocated among the various Nortel companies and their creditors will be decided by courts, not in arbitration, according to a Dec. 6 ruling from the U.S. Court of Appeals in Philadelphia.
Fidelity Investments says that it won't discuss security at the former Nortel campus in RTP where it runs a large campus. But a spokesperson tells WRALTechWire the company is "very comfortable" with its facilities despite reports that Nortel's former headquarters in Canada was riddled with electronic bugs. Meanwhile, the Nortel "bugging" story takes a major turn.
Workers preparing the former headquarters complex of bankrupt Nortel Networks in Ottawa, Canada, have discovered that the complex had been bugged by Chinese spy gear. As a result the Canadian Department of Defense may not move in. The report amplifies previous stories that Nortel had been hacked for years by Chinese operatives as part of an industrial espionage campaign.
BlackBerry's decision to consider takeover offers is fueling speculation that investors could band together to keep the company in Canadian hands, avoiding the national embarrassment that followed Nortel Networks Corp.'s failure four years ago.
Some 200 disabled Nortel workers have scored a legal victory over their former employer, which went bankrupt and is liquidating its holdings. The workers earlier had won a nearly $27 million settlement for other benefits.
So why did Nortel go bankrupt, causing 8,000 job losses in RTP alone? James Bagnall, the associate business editor of The Ottawa Citizen who followed Nortel closely for years, explains how a "rush to judgment" in 2001 sealed the fate of the former telecom giant.
The drawn-out battle for assets of bankrupt telecommunications firm Nortel apparently will continue for the rest of this year as the U.S. business unit asks a bankruptcy judge for a trial to deal with U.K. pension demands.
Creditors of Nortel Networks, the defunct telecommunications company, failed to agree on how to divide about $9 billion in cash. A group representing retirees in Canada said the "battle" for benefits would continue.
Creditors receive more time to work out a settlement for some $9 billion in bankrupt Nortel assets. Meanwhile, a hearing has been set for Feb. 14 to discuss a proposed $28 million settlement between disabled U.S. workers and Nortel.
Creditors of Nortel Networks Corp., the defunct telecommunications company, were asked to extend for four days their negotiations over how to split $9 billion in cash between bondholders and retirees.
The former chief executive of bankrupt Nortel Networks and two former senior executives were found not guilty Monday of falsifying financial reports in what prosecutors said was a scheme to report profits and gain bonuses. In other news, the debate about Nortel's assets begins today in Toronto.
A group of technology companies including Apple, RIM and Google won court approval Friday of a $527 million deal for Eastman Kodak Co. patents that are being sold as part of Kodak's bid to exit bankruptcy protection.
A group including Apple Inc., Google Inc. and Research In Motion Ltd. agreed to buy patents from bankrupt Eastman Kodak Co. for about $525 million, gaining digital-imaging technology to capture and share pictures.