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Flextronics says hired adviser on Nortel
NEW YORK |
NEW YORK (Reuters) - Flextronics International Ltd said on Wednesday that it has engaged Blackstone Group as a financial adviser to help evaluate its relationship with Nortel Networks Corp, which just filed for bankruptcy.
Contract manufacturer Flextronics saw its shares fall 28 cents or 9 percent to $2.72 after Nortel's Wednesday filing.
Flextronics said it would address specific financials related to its Nortel business in its upcoming earnings call scheduled for January 28.
The company said it had been "proactively engaged in executing a risk mitigation plan" regarding its relationship with Nortel for several months.
It said it also amended its relationship with Nortel but did not give specific details.
(Reporting by Sinead Carew, editing by Gerald E. McCormick)
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