Nortel loses $649M, says it has raised $3.2B in asset sales

Nortel posted a $649 million loss in its most recent quarter, the bankrupt telecommunications gear maker said Friday.

Nortel reported a loss of $649 million for the quarter, $490 million of that being charges related to Nortel’s pension plan in Canada.

The company continues to liquidate its assets but still produced $85 million in revenue.

Nortel also recently sold its Canadian headquarters for some $200 million.

Nortel also reported it has some $1.7 billion in cash and a “restricted cash balance” of $3.2 billion that came from its asset liquidations.

In its financial report, Nortel also reported that its sales of businesses have resulted in the “preserving of 13,000 jobs” of employees who have transferred to the acquiring firms.

Nortel also said its “focus” now is “maximizing value for stakeholders, including the provision of transition services to purchasers, assessing strategic alternatives to maximize value of Nortel’s extensive intellectual property portfolio, sale of remaining assets, wind down of global operations, ongoing cost reduction, and other significant restructuring matters.”

Some reports have said Nortel’s IP portfolio is worth some $1 billion.

Nortel once employed 8,000 people at its campus in RTP.

For the financial report, read here.

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