Nortel Wants Another Bankruptcy Extension

Bankrupt Nortel Networks Corp., which last week was slapped with a $3 billion tax bill from the IRS, is requesting yet another bankruptcy extension.

The company wants until February 2010 to file its reorganization plan, before creditors such as the U.S. government start to collect on monies owed. Nortel so far has received two other bankruptcy extensions.

Industry watchers are speculating Nortel is doing this now so it can continue to sell its divisions, which are going for rock-bottom, low-ball prices. Ericsson already has won the CDMA/LTE assets for $1.13 billion, while Avaya is trying to buy the enterprise business for $475 million.

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