Former execs offer to buy Nortel: report

But need $1B from the Canadian government

Former Nortel executives want to buy the beleaguered company, but need a US$1 billion loan from the Canadian government, according to reports from Canada.

CBCnews.ca says the former executives and company directors want to base Nortel in Ottawa and have it remain Canada's top investor in R&D. Nortel, which currently has headquarters in Toronto, already has a large R&D facility in Ottawa.

Under the group's plan, Nortel would concentrate on building a high-speed broadband network across Canada after divesting a third of its operations, the CBC report states. It also says politicians have been "lukewarm" to the proposal.

Three members of the group are ex-Nortel President Bob Ferchat; David Patterson, a former Nortel director; and David Mann, a former Nortel vice president. The group has private capital but needs the government to float $1 billion in order to see its plan through, according to the CBC.

Nortel filed for bankruptcy earlier this year. It's looking to sell off operations in order to raise cash.

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