Nortel Networks, the insolvent Canadian telephone equipment maker, has got a three-month extension (till November 20, 2009) from a commercial court in Versailles to find a buyer for its French research and development unit. Nortel, based in Toronto, sought bankruptcy protection in January after posting losses of almost $7 billion over two years, as phone companies curbed spending to cope with a slowing economy. It is selling off assets under the supervision of accounting firm Ernst & Young, after its chief executive officer and most of its board resigned in August 2009. Meanwhile, Ericsson has expressed interest in buying Nortel’s wireless equipment unit for $1.13 billion. The sale is being reviewed by the Canadian government.
