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Nortel Seeks Buyer For Stake In LG Joint Venture

The Associated Press

NEW YORK (AP) — Nortel Networks Corp. said Wednesday it is looking for a buyer for its majority stake in LG-Nortel, the company's joint venture with South Korea's LG Electronics. Inc.

Toronto-based Nortel has been operating under bankruptcy protection since mid-January. The company said LG-Nortel is a "profitable, standalone business with a strong balance sheet, and has not filed for creditor protection."

"This proposed divestiture represents the best path forward for LG-Nortel, its customers and employees," said Peter MacKinnon, LG-Nortel's chairman and general manager, in a statement.