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Local Tech Wire
RESEARCH TRIANGLE PARK, N.C. – Bankrupt assets will be sold under the direction of the accounting firm Ernst & Young rather than its own CEO-less management, a Canadian court ruled Friday.
Earlier this week, Nortel asked for court approval to give the administrative oversight responsibilities to E&Y after six members of its board, including Chief Executive Officer Mike Zafirovski, resigned. E&Y has worked with Nortel during its bankruptcy.
Nortel, which filed for bankruptcy in January, does not intend to hire a new CEO.
Even though Nortel ;s “knee-deep in negotiations” to sell its assets and needed someone to oversee those talks, Nortel lawyer Derrick Tay told the court the telecommunications company had “no intention” of replacing Zafirovski, according to Bloomberg news.
Nortel employs some 1,800 people at its campus in the Triangle.
For the full Bloomberg story,