Nortel Bankruptcy Entering Final Stages
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After more than three years of selloffs, the end of the Nortel bankruptcy saga is nearly in sight. Late Thursday, Nortel announced its second quarter fiscal 2012 financial results. The company also announced that as of the third quarter, it would no longer be reporting quarterly or yearly financial results.
Though Nortel no longer has any operational business units, the company still reported a net loss in the second quarter of $131 million. That loss includes an interest expense of $86 million, a currency exchange loss of $8 million, and reorganization items of $6 million.
Nortel generated zero dollars of revenue during the quarter and didn't sell any more business assets either.
"Through the creditor protection process, Nortel has sold all of its businesses and remaining patents and patent applications generating approximately $7.8 billion in net proceeds for the benefit of its creditors, and preserving 16,000 jobs for employees with the purchasers of the businesses and assets," Nortel said in a statement.