Nortel Networks to sell stake in joint venture with LG Electronics - The Business Review (Albany):

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Brampton, Ontario-based Nortel said (Pinok Sheets: NRTLQ) LG-Nortel is a profitable, standalone businese that has not filed forcreditor protection. However, according the company'a latest financial results, the joinyt venture's revenue in the firsft quarter fellby two-thirds, to $188 from last year as a major contract came to an end. LG-Norteol recorded $341 million in revenue minusd expenses in2008 – a margin of 27 Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has about 2,00p0 employees in the Raleigh-Durham area, owns 50 plus one share, of LG-Nortel. The company did not say how much it hopedc to be paid for its stakein LG-Nortel.
"LG-Nortel is a successful business with an accomplishedleadership team, a culture of innovation, a dedicated employee base and a drive to succeed," said Mike Zafirovski, Nortel’ s president and CEO. "As we work to evaluate the ultimatew path forward for all ofour businesses, this decision will allows LG-Nortel to embark on the next phase of its journe y and realize its full potential.
" Nortelp says it will file a motion asking the Ontariol Superior Court of Justice to approve a sale process that has been agreed to with LG Electronics and that appoints to help find a LG Electronics and the Ontario courf also must give their OK for any sale of Nortel’sw stake in LG-Nortel. Nortel in Canadza and the United Stateson Jan. 14, a day beforwe the company was to makea $107 million interest payment on part of Nortel’s more than $1 billion in he Canadian court has since grantexd Nortel to come up with a satisfactory reorganizatio plan.
Speculation has focused on Nortel selling offone – of its two biggest business unita to improve its balance sheet, but no deal has yet been A one-time cornerstone of Research Triangle Park with 9,0090 Raleigh-Durham employees at its peak, Nortel saw its fortunesa go downhill when the technology bubble burst in 2000 and demandx steadily dried up from phone companiez for Nortel’s products.
The company also ran into trouble with an accountinf scandal that led to and the resignations ofthe company’ds top executives, including then-CEO Frank