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As Nortel (OTCPK:NRTLQ) continues to sell off its assets, there’s also been some housecleaning happening behind the scenes that suggest that the company is getting its financial house in order before the final push into the history books.

Case in point are a number of debt settlement deals that Nortel has been striking in recent weeks. The most recent is a settlement reached with IBM, which had filed secured and unsecured claims of more than $55-million through several subsidiaries around the world. The claim had to do with an agreement that saw IBM (IBM) provide testing and development services to various Nortel businesses.

To settle the claim, Nortel will pay IBM $2.5-million.

In terms of what’s left on the table to sell, the list includes the carrier business, the joint venture with LG (OTC:LGERF), and the more than 3,000 patents, including the much-sought LTE patents.

Source: Nortel: The Beginning of the End?