Triangle headlines: GSK sells RTP buildings; Nortel bankruptcy ruling; Lenovo’s $500M investment fund; Chinese firms like NC

In today’s wrapup of Triangle area news:

GSK sells its RTP buildings then leases them back
A ruling may lead to Nortel bankruptcy settlement
Lenovo plans to invest $500 million in startups
Chinese firms show a liking for North Carolina

The details:

GSK sells RTP structures

GlaxoSmithKline says it will sell and then plans to lease back three buildings in RTP.

The company has slowly reduced its footprint in the park to 600,000 square feet from 1.8 million square feet and employs some 2,600 people there, down from 5,000, according to The News and Observer.

“Our heritage in North Carolina runs deep, as does our commitment to the state. But that heritage is not tied to buildings, it’s tied to our work and the mission we strive for everyday,” Jack Bailey, GSK’s president of U.S. Pharmaceuticals, said in a statement as reported by the N&O. “For over 30 years, GSK employees in North Carolina have made a significant contribution to our company, to the community, and to the patients and consumers we serve and we look forward to continuing to contribute to the communities where we live and work.”

Read details at:

http://www.newsobserver.com/news/business/article75526027.html#storylink=cpy

Nortel bankruptcy case may be ending

The Nortel bankruptcy settlement that has been tied up in court for years may finally be closing. A Canadian judge “closed the door on legal challenges” to the settlement that will divided $7.3 billion in assets, Reuters reports.

Nortel declared bankruptcy in 2009.

“The two courts [in Canada and the U.S.] have been working in tandem to oversee the Nortel bankruptcy, and last year’s simultaneous decision ruled that every creditor would receive roughly 71 cents on the dollar. That formula was advocated by representatives of Nortel’s British pensioners, but opposed by the Nortel businesses in the United States and Canada,” Reuters reported.

Read details at:

http://www.reuters.com/article/us-nortel-ntwrk-bankruptcy-ruling-idUSKCN0XU2C4

Lenovo’s $500 million fund

Lenovo Group, the parent of Lenovo, plans a $500 million investment fund for startups, according to an announcement made in Beijing.

“The fund Lenovo Capital, which will be funded and managed by Lenovo Group, is looking to invest in sectors including artificial intelligence, robot and cloud computing, said the company’s senior vice president He Zhiqiang at an event in Beijing,” Reuters reported.

Lenovo has already invested more than $100 million in some 30 companies.

Read details at:

http://in.reuters.com/article/lenovo-investment-idINKCN0XV0XL

Chinese firms like North Carolina

“North Carolina is a leading state for doing business with Chinese organizations, but more can be done to continue attracting investment here, panelists said this week at an event hosted by the North Carolina Chinese Business Association in Research Triangle Park,” the Durham Herald Sun reports.

The newspaper says the state now has “the third highest amount of investment from China in the country and is the leading state in number of jobs from Chinese companies, in large part due to Lenovo and Smithfield Foods.”