Nortel’s America and Canada divisions are kicking off with their European counterparts.
The allies are demanding that European entities from the UK, France, Spain, Romania and Austria, prove that they have a share in the billions dollars of funds, which will be raised through the company’s bankruptcy filing.
However, the US and Canada locales are not happy with their friends overseas who have left forms asking how much they are owed blank. The US and Canada are trying to rubbish claims that European divisions are owed money
Yesterday Nortel announced that it was in a potential asset sale agreement with Google to sell off all of its remaining 6,000 patents and patent applications, which related to data networking, wireless, 4g, voice, semiconductors and other bits and pieces.
For the privilege, Google will have to shell out around $900 million.
Once the patents are sold off it means Nortel will have no assets to begin a new business, but on the plus side it will have around $3.2 billion – not counting the impending patent sale – after it has paid off its debts. This it will have to share around its divisions – which the US and Canada hope won’t include Europe.