Nortel Would-Be Buyers: We Need $1B Government Loan

A group of former Nortel Networks Corp. execs still wants to buy the bankrupt company, but says it needs a loan of at least $1 billion from the Canadian government to do so.

Several coalitions and individuals have called on Canada’s federal officials to help keep Nortel a product of the Great White North. David Patterson, one of the executives seeking to buy Nortel, says the government should fund the loan because Nortel would remain the country’s top R&D spender.

The group has the support of private investors and now, said Patterson, just needs some federal help to launch the plan, which includes firing Nortel CEO Mike Zafirovski.

If the “New Nortel” emerges, it would be based in Ottawa, rather than Toronto, and would be comprised of about two-thirds of its existing business, according to reports.

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