Bankruptcy costs push Nortel to $1.4B loss

Nortel Networks reported a second quarter loss of $1.4 billion due to revenue declines and expenses related to the telecommunications vendor’s bankruptcy reorganization.

Nortel, which once employed about 9,000 in Research Triangle Park alone, now says it employs 2,300 companywide. Nortel has been selling off its business units as part of the company’s bankruptcy reorganization. The $282 million sale of the company’s Carrier VoIP Applications Solutions Business to Genband closed in May, bringing 500 Triangle Nortel employees into the fold of the Texas-based company.