Leading Chinese telecommunications and networking company Huawei technology reportedly intends to buy some assets in Nortel's holdings, according to a Chinese media's report.

Nortel is now seeking buyers of LG-Nortel. Some telecom equipment makers and investment firms were rumored to bid for Nortel assets.

However, Huawei and Nortel both made no comment on the saying.

Nortel has already evaluated the venture's businesses and the plan for the sale of Nortel's holdings in LG-Nortel is believed to be a good choice both for employees and its clients, said Mike Svetozar Zafirovski, chief executive officer of Nortel.

LG-Nortel is a joint venture between Canada-based Nortel and South Korean electronic LG.

The joint venture has gained operating profits of $341 million in 2008, operating margin stood at 27%, but declined to 26% in the first quarter of 2009.

Nortel filed for bankruptcy protection in mid January 2009.

Canada Electronics Huawei