Nortel enterprise customers will be able to buy the company's current line of products for 12 to 18 months after Avaya officially takes ownership of Nortel's enterprise division that it won at auction for $US900 million.
Nortel Networks' CEO Mike Zafirovski will leave the troubled provider of telecommunications equipment in the coming weeks, The Wall Street Journal reported on Saturday, citing anonymous sources.
Nortel Networks has entered into an agreement with Nokia Siemens Networks to sell its its wireless network infrastructure business assets for $US650 million, it said on Friday.
Workers laid off from Nortel are pleading with the company to restore their severance packages.
One major reason why Nortel Networks Corp. filed for protection from its creditors in the U.S. and other countries today was to preserve $2.4 billion in cash, which the company plans to use to provide support and service its customers, Nortel's head of enterprise sales said Wednesday.
It's business as usual as Nortel seeks bankruptcy protection from creditors, according to the company's enterprise chief.
Nortel is attempting to put the brakes on its financial free fall by seeking bankruptcy protection in the United States, Canada and Europe.