Faced with the prospect of holding two auctions on the same day, Nortel has postponed the auction for its GSM/GSM-R business. The company said it is holding discussions with a number of interested parties, and will provide an update next week.
In the meantime, Nortel will hold an auction today for its metro Ethernet division. So far, Ciena has made the only bid with a $510-million “stalking horse” offer” ($390-million in cash and 10 million shares). There is speculation, however, that Nokia Siemens Networks will step up with a bid today.
I do feel sorry for the Nortel GSM unit. Let's face it, who would buy it, why would they need or want to? Seriously? I can't see it...
sauerkraut
Only a fool would believe they postponed it because the MEN auction took place the same day. Why didn't they announce a new date for the auction then? Instead the want to provide an update, ha ha ha
Very likely there was no acceptable offer. Hold on, there are still interested parties. Sure, E&Y squeezing out the last pennies.
Let's sum it up: China stepping out, old aged equipment without updates coming, overcome technology, small revenue. Then GSM-R: the French office almost erased, the German office inoperable, niche product, Huawei ready to step in.
GSM rest in peace :-)
less
GSM-R. Of course, the "R" stands for "reschedule". Definitely.
"Restatement" works too.
GoProto
"R" could stand for - "Recognized", as in "Recognized Leader"
or, it could stand for" Regurgitate". Sorry, I've had the unfortunate displeasure of flying with pigs lately, so heaving and its synonyms still occupy my mind.
Hope i didn't miss anything earth-shattering, like Hack getting sacked, or Z having an epiphany and penning a LOA (letter of apology)
zeroman
Recycle is more appropriate.
but my bet is they will Revamp, Re-energize and Rally the team that the market still wants GSM.
zeroman
well they realized that on the day of the auction. only at nortel.
looks like GSM and CVAS are the dark horses with no bids.
Nortelian
CVAS has bids. The short list is now down to two bidders. The holdup is because they want the stalking horse bid to be higher than what is currently being offered. Stalking horse announcement is forthcoming.
protosphere
Another big customer butes the dusts.
Verizon can't keep buying at below cost either. They tried to sue for it to no avail.
The rest are declining at a starling rate for whatever will be left. Even cash is down as they stall paying everything with mounting liabilities.
Chronically misleading to hide bad news and bonuses is the way beyond boundaries made simple.
So much for no better time to become a partner or buy, or how 9 out 10 top 500's use Nortel, energy tax, etc.. Since when have lies ever worked since the largest fraud in Canada when they diluted 500M shares a year?
No word on the fraud trials on both sides of the border with so many still there to see what really sparked this cinder-box to explode into a full blown Canadian Enron on steroids with so much astounding support in futile hope.
Before the fraud, they were getting orders like left right and center. Then BSNL losses, PEC desperate gambles like those buying their units today, even BT never initially used them, etc., It was easy to see they would fold...and now/ gone...thankfully
Nortel is thankfully finished as an ongoing entity. A good lesson to learn. Can't lie, restate, out of a dire situation. Who else besides China Mobile is out with Nortel's certainty of demise than any uncertainty at all.
bigusdukus
proto - what is with all the angst all the time. Why the continuous badmouthing like its your sole mission in life to see as many people as miserable as you are.
Nortel is dust, the only good that can come of this is by seeing some employees find happy homes in a new life somewhere. Why do your best to demoralise the people and beat down on a company on its way out anyway. There is more than a passing interest. What is it for you and why the constant bashing ?
Nortel Postpones GSM/GSM-R Auction
Faced with the prospect of holding two auctions on the same day, Nortel has postponed the auction for its GSM/GSM-R business. The company said it is holding discussions with a number of interested parties, and will provide an update next week.
In the meantime, Nortel will hold an auction today for its metro Ethernet division. So far, Ciena has made the only bid with a $510-million “stalking horse” offer” ($390-million in cash and 10 million shares). There is speculation, however, that Nokia Siemens Networks will step up with a bid today.
Source: Nortel
More: China Mobile will apparently stop using Nortel’s GSM equipment, apparently due to concerns about network security and stability.