http://www.forbes.com/wireless/2009/01/14/nortel-huawei-china-tech-wire-cx_ag_0114nortel.html By Andy Greenberg Forbes.com 01.14.09 As Nortel files for bankruptcy Wednesday, analysts point to sinking sales, missed earnings and poor management as drivers for the Canadian telecom's long descent to insolvency. But a less-discussed factor may have scuttled the struggling networking company's last hope for a savior: concerns over Chinese cyberspying. Toronto-based Nortel, whose stock has lost more than 97% of its value in the last year, announced in September that it would sell its metro Ethernet business, an Internet-focused piece of the company that generates about $1.5 billion a year in revenue. The most interested potential acquirer of the Ethernet division may have been Chinese company Huawei, which, according to Avian Securities, bid $400 million for Nortel's offering in September. This was a generous offer considering the company's current market capitalization, hammered by debt and missed earnings projections, languishes at less than half that value. [...] _______________________________________________ Please help InfoSecNews.org with a donation! http://www.infosecnews.org/donate.htmlReceived on Wed Jan 14 2009 - 23:42:21 PST
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