Nortel deals get court approval
By Jennifer Scott,
Nortel's latest two asset auctions have got the go ahead from courts the other side of the Atlantic.
Both US and Canadian courts approved the sale of its Optical Networking and Carrier Ethernet businesses to Ciena and the GSM business to Ericsson and Kapsch for $769 million and $103 million respectively.
The US Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice have been called upon to give the thumbs up on all of the Nortel deals so far since the company filed for bankruptcy protection in January this year.
In July, Nortel also sold off its Enterprise Solutions business to Avaya.
More auctions are expected as the company continues to disband.
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