Bankrupt telecom equipment maker Nortel Networks Corp. said Friday it posted a profit in the fourth quarter, thanks to a large gain related to an asset sale. For the three months ended Dec. 31, Nortel said its net income was $1.78 billion, or $3 ...

NEW YORK (Reuters) - Bankrupt Nortel Networks Corp on Friday posted a 62 percent drop in quarterly revenue, as customers cut spending in the face of uncertainty about its bankruptcy proceedings and the shaky economy. Fourth-quarter revenue dropped to $794 million from $2.1 billion in the year ago period. It said sales fell across all of its business segments and ...

Nortel Networks Corp. has been cleared to sell nearly all of its Carrier Voice over Internet Protocol (VoIP) and Application Solutions business globally to Genband Inc. for $282 million. Nortel, based in Toronto, and Genband, based in Plano, Texas, said Wednesday that the deal has been approved by bankruptcy courts ...

(Reuters) - Nortel Networks Corp said it received U.S. and Canadian court approval for the sale of its carrier Voice over Internet Protocol and application solutions business to Genband Inc for about $182 million. The company received orders from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice approving the asset sale ...