Nortel Statement on Wireless Asset Auction
(Thomson Reuters ONE) - TORONTO, ONTARIO -- (MARKET WIRE) -- 07/22/09 -- As previouslyannounced, on June 19, 2009, Nortel(1) (OTCBB: NRTLQ) entered into astalking horse sale agreement with Nokia Siemens to sellsubstantially all of its CDMA business and LTE Access assets, subjectto higher or better offers being received. On June 29, 2009, in theU.S., and June 30, 2009, in Canada, the courts established biddingprocedures for the auction of these assets. The auction is scheduledto take place on July 24, 2009. Throughout this process, Nortel hasmade every effort to ensure all who want to participate can, with thegoal of achieving the best outcome possible for employees andcustomers and maximizing value for its stakeholders.Nortel had been in discussions with RIM regarding a relatedtransaction but those discussions are currently on hold. Since theapproval of the bidding procedures, Nortel has engaged with a numberof potential bidders regarding the CDMA and LTE assets, includingRIM. Other parties moved expeditiously to comply with the courtapproved procedures to become qualified bidders, and RIM did notobject to the approval of these procedures during the court process.It was not until July 15 that RIM submitted a letter to Nortel askingto be a qualified bidder and, since that time, Nortel has diligentlyattempted to work with RIM on acceptable confidentiality termsrelating to Nortel's valuable intellectual property assets. RIM hasrefused, however, to comply with the court approved procedures.In order to participate in the court-approved bidding process, aqualified bidder is required to execute a standard confidentialityagreement. The agreement contains a common "standstill" provisionthat allows Nortel to ensure it is directly involved in any futurenegotiations on the sale of its assets. The standstill provision doesnot preclude future offers by a bidder to acquire assets consistentwith any processes established by Nortel or the courts.Confidentiality agreements are a standard part of the auction biddingprocess and are designed to help run a fair process and protect acompany's confidential information, such as its intellectualproperty. All qualified bidders are subject to confidentialityagreements.Nortel, the Canadian Monitor, the U.S. Unsecured Creditors' Committeeand the Ad Hoc Bondholder Group have reviewed the circumstancesrelated to RIM and have concluded that all bidders must comply withthe bidding rules in order to maintain the integrity of thecourt-approved process. Consistent with that process, the auctionwill commence as planned on Friday, July 24, 2009.About NortelNortel delivers communications capabilities that make the promise ofBusiness Made Simple a reality for our customers. Our next-generationtechnologies, for both service provider and enterprise networks,support multimedia and business-critical applications. Nortel'stechnologies are designed to help eliminate today's barriers toefficiency, speed and performance by simplifying networks andconnecting people to the information they need, when they need it.For more information, visit Nortel on the Web at www.nortel.com. Forthe latest Nortel news, visit www.nortel.com/news.Certain statements in this press release may contain words such as"could", "expects", "may", "anticipates", "believes", "intends","estimates", "targets", "envisions", "seeks" and other similarlanguage and are considered forward-looking statements or informationunder applicable securities legislation. These statements are basedon Nortel's current expectations, estimates, forecasts andprojections about the operating environment, economies and markets inwhich Nortel operates. These statements are subject to importantassumptions, risks and uncertainties, which are difficult to predictand the actual outcome may be materially different from thosecontemplated in forward-looking statements. For additionalinformation with respect to certain of these and other factors, seeNortel's Annual Report on Form10-K, Quarterly Reports on Form 10-Qand other securities filings with the SEC. Unless otherwise requiredby applicable securities laws, Nortel disclaims any intention orobligation to update or revise any forward-looking statements,whether as a result of new information, future events or otherwise.(1)Nortel, the Nortel logo and the Globemark are trademarks of NortelNetworks.Contacts:NortelJay BartaMedia(972) 685-2381jbarta(at)nortel.comNortelRyan Hill(613) 765-7801ryanhi1(at)nortel.comwww.nortel.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.07.2009 - 00:07 Uhr
Sprache: Deutsch
News-ID 3856
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 226 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Nortel Statement on Wireless Asset Auction"
steht unter der journalistisch-redaktionellen Verantwortung von
Nortel (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
