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.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags nortel

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jim Duffy

Network World
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?