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Bids for Nortel-LG JV stake due mid-August

Nortel Networks Corp will receive preliminary bids in mid-August for its controlling stake in a joint venture with LG Electronics, South Korean media reported on Monday, citing banking sources.

The sale is expected to attract interest from several private equity funds and global telecom equipment companies, eDaily reported, without providing details.

Nortel, once North America's biggest maker of telephone equipment, filed for bankruptcy protection in January and is selling off assets.

It said in May that it was looking for a buyer for its 50% plus one share in LG-Nortel, a telecom and network equipment business that did not file for creditor protection. Goldman Sachs has been hired to help with the sale. (Reuters)