Nortel Networks has found itself in an increasingly difficult position as the technology company tries to break itself up.

After years of financial mismanagement, Nortel careened into the midst of one of the worst recessions since the Great Depression and was hit by crashing demand for its equipment.

So in January, the telecommunications equipment maker sank into bankruptcy, groaning under the weight of $7.5 billion US in long-term liabilities.

Unlike General Motors and Chrysler, however, the former hi-tech darling decided that emerging from bankruptcy with a pared-down corporate structure was not an option.

Instead, Mike Zafirovski, Nortel's president and chief executive, pulled out his auction gavel and started seeking offers for the company's various bits and pieces.

Nortel Networks has been trying to sell various divisions and other investments since fall 2008. (Nathan Denette/Canadian Press)

That was back at the beginning of the year. And even before sliding into receivership, Nortel was trying to dump parts.

Here's what has been sold off, and what is still up for grabs:

• The sale of Nortel's well-regarded metro ethernet networks divisions remains on hold. This segment — which connects communication nodes throughout a city or geographically related area — went on the auction block last fall. But, Nortel yanked the so-called MEN business in February, fearing that the recession would drive down the bid price for this jewel. Nortel received approximately 16 per cent of its revenue from metro ethernet sales.
• In January, Nortel ended its joint venture with Alvarion Ltd. to sell the Israeli company's technology in wireless equipment. Nortel decided to stop work in this area, known as "WiMax."
• In May, Nortel put up for sale its 50-per-cent-plus-a-share ownership stake in a joint venture with Korea's LG. The partnership essentially flogs communications equipment in Korea and is reportedly worth $1 billion US. China's Huawei Technologies Co. Ltd. and two private equity firms — Providence Equity Partners Inc. and the Carlyle Group — are rumoured as suitors for the Nortel holding.
• Also in May, Nortel completed the sale of some of its application delivery products to Israel's Radware for $18 million US.
• In July, Lucent Technologies spinoff Avaya Inc. made a minimum bid for Nortel's enterprise segment of $475 million US in a so-called "stalking horse" agreement. That essentially means Nortel will be holding an auction for the business unit, which provides communications gear to other companies, starting the first week in September, according to Jamie Moody, a Nortel spokesperson. Avaya's bid helps boost the starting price.

"We have announced a stalking horse agreement with Avaya. But there is still an auction to be held for [the enterprise unit]. Once the auction is complete, we will issue an announcement regarding the selected bidder," Moody said in an email.

• Also in July, Sweden's L.M. Ericsson bought all of Nortel's CDMA and Long Term Evolution wireless business for $1.13 billion US through another stalking horse auction process. In this case, Nokia-Siemens had made an initial bid of $650 million for the lucrative division, with which the Finish-German joint venture wanted to increase its share of the North American market. But Ericsson submitted a bid almost double Nokia's offer, a situation the latter found too rich for its financial circumstances.
• Not included in the wireless sale is Nortel's voice-over-internet, or VoIP, business, an area in which the Canadian company remains the planet's largest supplier, according to Infonetics Research, a technology research firm.