The rise and fall of Nortel Networks
Nokia Siemens Networks, a joint venture between Finnish telecom giant Nokia
A dying Nortel under bankruptcy proceedings doesn't catch many flies, but with the renewed vigor of a fresh corporate backing, this wireless powerhouse can regain its importance for the industry -- just under a new name. Industry executives threw support behind the deal, knowing it strengthens a key supplier. Sprint-Nextel
The partial merger faces scrutiny by Canadian and American bankruptcy courts at the end of July. Assuming that the deal passes muster, Nokia Siemens will gain a strong foothold in the North American market where Nortel, LM Ericsson
And this may breathe new life into Nortel's wilting assets, too. Verizon
While great news for Nortel's employees and for investors in Nokia and Siemens, Nortel's management is still looking for buyers for its remaining divisions. Nortel doesn't expect to be able to return any value to today's shareholders even after selling everything that wasn't nailed down (and some stuff that was), so the stock, currently suspended from the Toronto and New York exchanges, looks to vanish for good. Sayonara, Nortel.
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