MatlinPatterson plans to build a "new Nortel"

NEW YORK, NY – An affiliate of global private equity franchise MatlinPatterson has made a bid for Nortel’s wireless business worth US $725 million, saying that it would use the division to create a "new Nortel".After assembling a team of industry experts that includes former Nortel executives Dion Joannou, Richard Piasentin and Tony Pirih to assist with its bid, MPAM Wireless said that it plans to form a "New Nortel" built from the bankrupt Nortel's code division multiple access (CDMA) business and long term evolution (LTE) businesses."This independently held business would provide a range of opportunities - from additional bolt-on acquisitions to partnerships to...