Nortel takes on more water with $508 million 3Q loss
Nortel delays auction
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RESEARCH TRIANGLE PARK, N.C. — Nortel Networks Corp. (NYSE: NRTLQ) posted a $508 million third-quarter loss on Monday as it finances were hit by customer uncertainty over its bankruptcy proceedings and the tough economy, the Reuters news agency reported from Canada.
The telecommunications equipment company, which filed for bankruptcy protection in January and has been selling off its remaining assets to pay debtholders, said it ended the quarter with a consolidated cash balance of $1.8 billion.
Nortel still has about 1,700 employees in RTP.
Reuters said Nortel reported that the $508 million net loss came on revenue of $1.05 billion that was down in all of its business segments except its Carrier VoIP and Applications Solutions operations.
On Friday, Nortel delayed the auction of its fiber optics and Ethernet business. It set a new deadline of Tuesday for bidders to submit offers.
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