Nortel seeks another bankruptcy extension

The troubles for Nortel Networks continue. The insolvent company has asked a U.S. bankruptcy court to extend its bankruptcy protection from Sept. 11 to Feb. 1, 2010. In a court filing, Nortel noted the progress it has made in selling off its assets. And indeed, the company has an agreement to offload most of its CDMA and LTE assets to Ericsson for $1.13 billion, and is in the process of shedding its Enterprise Solutions unit. Nortel's extension request comes less than a week after the U.S. Internal Revenue Service filed a claim against the vendor for $3 billion in back taxes, interest and other penalties. A hearing on Nortel's latest request will be held Sept. 15. Article