Chapter 11 bankruptcy is a tough business. While more complicated options exist, companies in chapter 11 generally emerge as a smaller, leaner company, slip into chapter 7 liquidation, or sell themselves in whole or in parts. For , the Canadian based telecom equipment vendor, the latter may be coming true. The Wall Street Journal reports that (subs. req.) and sell the parts. According to the WSJ article, interested companies in Nortel’s parts include Avaya, Siemens Enterprise Communications, and Nokia Siemens Networks. It’s a fluid situation, with nothing etched in stone, but it’s safe to say what emerges won’t be the Nortel of old, if it emerges at all.