Nortel Networks 8-K 2011
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 11, 2011
NORTEL NETWORKS CORPORATION
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code 905-863-7000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
On July 11, 2011, Nortel Networks Corporation (NNC), its principal operating subsidiary Nortel Networks Limited (NNL), and certain of its other subsidiaries including Nortel Networks Inc. (NNI) obtained orders from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice at a joint hearing approving the sale agreement with a consortium consisting of Apple, EMC, Ericsson, Microsoft, Research in Motion and Sony (together, the Buyers) for the sale of all of Nortels remaining patents and patent applications. Under the sale agreement, the Buyers will pay a cash purchase price of US$4.5 billion.
As announced on June 30, 2011, the sale includes more than 6,000 patents and patent applications spanning wireless, wireless 4G, data networking, optical, voice, internet, semiconductors and other patents. The extensive patent portfolio touches nearly every aspect of telecommunications and additional markets as well, including Internet search and social networking. Nortel is working diligently with the Buyers to close the sale in the third quarter of 2011.
As previously announced, NNC does not expect that its common shareholders or the preferred shareholders of NNL will receive any value from Nortels creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 12, 2011