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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Nortel creditors file objections to unit's sale Fri Jun 26, 2009 8:12pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Euan Rocha TORONTO (Reuters) - Creditors and suppliers of Nortel Networks filed a series of objections on Friday to the proposed sale of a unit of the bankrupt telecom equipment maker to Nokia Siemens Networks. MatlinPatterson, a major bondholder and Nortel creditor, said restrictive conditions imposed by the current bidding process may prevent, rather than promote, a valid competing bid to emerge for the unit, which makes advanced wireless technology. "These restrictions serve only to permit Nokia-Siemens to effectively lock down these valuable core assets," said the creditor in a U.S. court filing. In a bankruptcy case, when debtors lack the ability to repay creditors, the creditors have the option either to break up the company and monetize the assets, or to run the company as a going concern and take equity in lieu of their claims. MatlinPatterson argues that the current bidding process fails to pay sufficient attention to the "going concern" option. The firm said it has begun preliminary discussions with other creditors and is considering supporting a Chapter 11 reorganization plan in the United States, in lieu of the proposed sale. Last week, Nokia Siemens Networks -- a joint venture of Nokia and Siemens -- said it would buy Nortel's advanced wireless technology business for $650 million. The deal would allow Nokia Siemens to expand its presence in North America and make it a leading supplier of wireless infrastructure products in the region. A spokesman for Nortel was not immediately available for comment. Toronto-based Nortel, once the largest North American telecommunications equipment manufacturer, filed for bankruptcy protection in Canada and the United States in January, blaming the economic crisis for derailing a turnaround effort that began in 2005. MatlinPatterson also said it is seeking an extension of the sale process, arguing that two weeks longer would harm no one. "MatlinPatterson is not prepared to give up on its investment in Nortel or in the potential in the company," it said. "It believes there may be more value to be achieved." OTHERS OBJECT TO DEAL Nortel supplier Flextronics Corp and other unsecured creditors filed their own objections to the proposed sale in the U.S. Bankruptcy Court in Wilmington, Delaware. Flextronics, which is Nortel's largest supplier, said it has concerns that its contractual rights and claims may be affected by the proposed sale of the CDMA and LTE assets. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Microsoft to cut prices on Windows 7 system Also On Reuters Mounting jobless claims force states to borrow Google's China rift hints at challenges ahead Full Coverage: Remembering Michael Jackson More Technology News PC brands lobby while preparing for China software filter Google CEO says worst of crisis is over Sony eyes cellphone/game gear hybrid - Nikkei Google slammed as China and U.S. quarrel over Internet | Video Pre helps Palm beat expectations, shares rise More Technology News... 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