Canadian telecommunications solution provider Nortel Networks is seeking to exit LG-Nortel, a telecommunications equipment making venture formed in 2005 with Korea's LG Electronics, the Financial Times reported on April 28. It is reported that Nortel has authorized Goldman Sachs to look for buyers for its 51% stake in LG-Nortel, in a deal valued at nearly US$1.0 billion. Nortel, which has just pleaded for extension of its restructuring plan to the Canadian bankruptcy court, declined to make comments, though.