Various news outlets are reporting that bankrupt Nortel Networks Corp. (NT) will sell off one of its three main units as early as tomorrow. The other two key divisions could get parted out no later than June.
That’s a lot faster than anyone expected, if true.
The rumors come as Canadian media plot ways to keep Nortel intact. The telecom equipment maker long has been one of the country’s crown jewels for employment, reputation and tax-generation, and few leaders want to see it lost to outsiders.
Meanwhile, Nortel this week also sacked 228 workers in the UK, reportedly without paying them any severance. The company notoriously has done the same to employees in the United States and Canada.