The prospect of a bid for the whole of Nortel by creditors disgruntled at the current asset sale process first emerged last week. (See Nortel: Think Big, Nortel Creditors Cry Foul, and Nortel: It's All Up for Sale.)
Now, according to this Reuters report, MatlinPatterson is holding talks with other creditors in an effort to build a consortium of backers that could make a bid for Nortel before July 21, the deadline set for the auction of Nortel's CDMA and LTE (Long Term Evolution) access assets. (See NSN Picks at Nortel's Mobile Bones , How NSN Is Funding Its Nortel Bid, and Will Others Bid for Nortel's Wireless Assets? )
The pace of developments surrounding Nortel's current financial predicament has accelerated in the past few weeks. Here's a snapshot of the recent coverage from Light Reading and Unstrung:
- Nortel's LTE Patent Goldmine
- NSN Reveals Plans for Nortel's LTE
- Nortel: We're Winning New Biz in APAC
- Who's Waving Their Wad at Nortel’s MEN?
- Airvana 'Looking Forward' to NSN/Nortel
- Who's Dialing In for Nortel's VoIP Assets?
- Nortel's LTE Brain Drain
- NSN & Nortel: AlcaLu Loses Out
- Richard Lowe, President of Carrier Networks, Nortel