UPDATE 1-Nortel posts another loss amid asset sales

* Revenues off in most segments

* Consolidated cash balance $1.8 billion (All figures in U.S. dollars)

VANCOUVER, British Columbia Nov 16 (Reuters) - Nortel Networks Corp (NRTLQ.PK) posted a $508 million third-quarter loss on Monday as it finances were hit by customer uncertainty over its bankruptcy proceedings and the tough economy.

The telecommunications equipment company, which filed for bankruptcy protection in January and has been selling off its remaining assets to pay debtholders, said it ended the quarter with a consolidated cash balance of $1.8 billion.

The $508 million net loss came on revenue of $1.05 billion that was down in all of its business segments except that of its Carrier VoIP and Applications Solutions operations, Nortel said.

The results included a $164 million loss from discontinued operations and $223 million in reorganization costs largely related to its recording of pension liability.

The Toronto-based company had recorded a loss of $3.4 billion in the same quarter of 2008 that had included several large charges, including goodwill impairment.

Nortel's financial statement did not include any updates on the status of its asset sales, which it decided to do this year rather than attempt to reorganize.

Bidders face a Tuesday deadline to submit offers for its optical networking and carrier ethernet businesses. It had extended last week's deadline after having discussions with interested parties.

Last month, Nortel announced that Ciena Corp's (CIEN.O) $521 million cash and stock bid would be the stalking horse offer for the optical networking and carrier ethernet businesses. (Reporting by Allan Dowd, Editing by Leslie Gevirtz)