For three days in September, about 100 lawyers, bankers, and executives gathered in New York to take the knife to another part of Nortel Networks Corporation.
Once one of the biggest telecoms in North America, Toronto-based Nortel has been slowly selling off its parts since declaring bankruptcy last January. The auction for the company’s enterprise solutions unit started at 10 a.m. on Friday, September 11. Cleary Gottlieb Steen & Hamilton, Nortel’s U.S. counsel, held the sale at its lower Manhattan offices, across the street from the World Trade Center site.
