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Electronics Production | June 29, 2009

Nortel creditors not happy about NSN deal

Creditors and suppliers of Nortel Networks objecting the proposed unit sale to Nokia Siemens Networks and have filed several objections.
Matlin Patterson is said to complain about restrictive conditions imposed by the current bidding process. These may prevent a valid competing bid to emerge for the unit, Reuters reports. "These restrictions serve only to permit Nokia-Siemens to effectively lock down these valuable core assets," U.S. court filings state. Nokia Siemens Networks stated last week that it would acquire Nortel's advanced wireless technology business. The $650 million deal would give the company an expanded presence in North America.
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