Nortel Networks is in a rush to sell assets that are making no money.
That’s why the bankrupt and embattled telecom equipment maker now plans to auction the software developed by its carrier networks division. And it’s doing so without a lead bidder in place.
Nortel said in court filings the software it’s created for GRPS, MTS and some LTE applications has incurred high R&D expenses and isn’t generating revenue because there are no customers for the technology. So, the company wants to shed the burden as soon as possible.
The approach of not having a lead bidder is unorthodox for bankruptcy proceedings.
The deadline for bids is Oct. 16. Court hearings to approve the asset sale are scheduled for Oct. 28.
Nortel already has sold its wireless and enterprise businesses, to Ericsson and Avaya, respectively.