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Beleaguered Canadian giant Nortel Networks has received offeres for its biggest divisions. Nokia (NYSE: NOK) Siemens has put in a bid for No…

Beleaguered Canadian giant Nortel Networks has received offeres for its biggest divisions. Nokia (NYSE: NOK) Siemens has put in a bid for Nortel’s carrier division that supplies landline and wireless equipment to major phone companies, while Avaya, Siemens Enterprise Communications and Golden Gate Capital have bid for Nortel’s enterprise unit that sells phone systems to business customers reports the Wall Street Journal (via MarketWatch).

Nokia Siemens sees the business as a foothold to enter the US market. Genband is also reportedly formulating a bid for the piece of Nortel’s carrier networks group that makes digital switches and media gateways, which connect traditional telecom network gear with newer technologies transmitting voice and data using Internet protocols. The specific offers weren’t revealed, but are reportedly pretty low. Bankruptcy law requires a company to seek the most value for its creditors, who in this case hold about $4.5 billion in debt. If Nortel does sell off its largest units analysts don’t think that what’s left will be able to survive alone, and everything will be sold off.

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