With the sale of Nortel’s (OTC:NRTLQ) optical networking and carrier Ethernet business to Ciena (NYSE:CIEN) completed on Friday, Pavi Binning has decided the time is right to resign as Nortel’s chief restructuring officer and chief financial officer.
To be honest, there’s really not much left to restructure given the only major assets left are Nortel’s stake in the Nortel-LG joint venture, and a 3,000+ patent portfolio.
John Doolittle becomes Nortel’s CFO, in addition to his duties leading Nortel’s Corporate Group. The CRO position will not be filled.
“Pavi has been an excellent leader for the organization under very challenging circumstances,” Nortel chairman David Richardson said in a statement. “He has played a key role in the Company meeting its restructuring objectives including maximizing the value of Nortel’s assets through the sale of the businesses in a very difficult economic environment, with a focus on ensuring the best outcome for Nortel’s businesses and its creditors, which include employees and bondholders. On behalf of the Board of Directors and other stakeholders, I would like to thank and acknowledge Pavi for his outstanding leadership and contribution throughout this critical time.”
Nortel said Friday it had completed the sale of its optical networking and carrier ethernet assets to Ciena for about $774 million.
Nortel also reiterated that it does not expect its common shareholders or its NNL preferred shareholders to receive any value from the bankruptcy protection process. It expects these shares will be canceled as a result.