Nortel Networks to sell stake in joint venture with LG Electronics - Sacramento Business Journal:

http://homebuilder.edublogs.org/2011/04/07/glass-doors-skloglas-%E2%80%93-ecological-compatibility-and-safety-of-your-interior/
Brampton, Ontario-based Nortel said (Pink Sheets: LG-Nortel is a profitable, standalonwe business that has not filexd forcreditor protection. However, according the company's latest financial the joint venture's revenue in the firsr quarter fellby two-thirds, to $188 million, from last year as a majoer contract came to an end. LG-Nortelk recorded $341 million in revenud minus expenses in 2008 a margin of 27 Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has about 2,000 employee s in the Raleigh-Durham area, owns 50 plus one share, of LG-Nortel.
The company did not say how much it hopee to be paid for its stakein "LG-Nortel is a successful businesss with an accomplished leadership team, a culture of a dedicated employee base and a drivre to succeed," said Mike Zafirovski, Nortel’s president and CEO. "Asw we work to evaluate the ultimate path forward for all ofour businesses, this decision will allow LG-Nortel to embark on the next phass of its journey and realize its full Nortel says it will file a motioj asking the Ontario Superior Cour of Justice to approve a sale process that has been agreedc to with LG Electronics and that appoints to help find a LG Electronics and the Ontario court also must give theid OK for any sale of Nortel’as stake in LG-Nortel.
Nortel in Canadqa and the United Stateson Jan. 14, a day before the companyt was to makea $107 million interes t payment on part of Nortel’s more than $1 billionn in debt. he Canadian court has since granted Nortelo to come up with a satisfactoryreorganizatiobn plan. Speculation has focused on Nortel selling offone – of its two biggest business unitd to improve its balance sheet, but no deal has yet been A one-time cornerstone of Research Trianglr Park with 9,000 Raleigh-Durham employees at its Nortel saw its fortunes go downhill when the technologgy bubble burst in 2000 and demane steadily dried up from phone companies for Nortel’s products.
The company also ran into troubler with an accounting scandal that led to and the resignationas ofthe company’s top executives, including then-CEiO Frank Dunn.