Nortel Agrees to Sell Calgary Property to City Government

8:55 am on May 12, 2009 | Category: Business, Corporate

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Insolvent telecom equipment maker, Nortel Networks, has agreed to sell its facility in Calgary, Alberta, as part of an ongoing effort to divest assets and restructure.

The so called ‘Westwinds Facility’ – which consists of two buildings and several acres of undeveloped land – has been on the market since last August. Nortel received three offers and ultimately accepted a $97 million bid by Calgary’s city government.

The sale is expected to close on June 15, pending approval by a bankruptcy judge.

Nortel, which has lost US$7-billion since 2005, is attempting to reorganize into a more efficient company by laying off workers (about 5,000 this year) and selling non-essential business operations.

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    Edited by Jeremy Maddock