Nortel Bid Plot Thickens

8:20 AM -- There's likely to be a certain amount of nail-biting in the coming week at Nokia Networks (NSN), which has a $650 million offer on the table for some of Nortel Networks Ltd. 's wireless assets.

That's because the deadline for rival bids (July 21), and the set date for the required auction of Nortel's CDMA and LTE (Long Term Evolution) access assets (July 24), are both next week. (See NSN Picks at Nortel's Mobile Bones and Will Others Bid for Nortel's Wireless Assets? )

And there's growing momentum behind at least one potential rival bid. MatlinPatterson Global Advisers, a Nortel bondholder, is still working towards an offer to bid for all of Nortel's remaining assets, a move that could scupper NSN's plans. (See Nortel Creditor Preps Rescue Plan.)

According to this Financial Post story on canada.com, MatlinPatterson has hired a former Nortel executive to help prepare its bid.

But other bids might be coming, too. Check out this Ottawa Citizen story for more details.

— Ray Le Maistre, International News Editor, Light Reading

Pete Baldwin 12/5/2012 | 4:00:40 PM
re: Nortel Bid Plot Thickens

Quick update: In a Reuters story today, Sue Spradley (NSN, ex of Nortel) says what I think most of us assumed all along: NSN is indeed willing to bid on other pieces of Nortel, under the right circumstances.


Sign In