Nortel has obtained Canadian and U.S. court approval for GENBAND's stalking horse agreement as well as bidding procedures for the sale of its Carrier VoIP and Application Solutions business.
Nortel announced that at a joint hearing it obtained orders from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice approving the stalking horse sale agreement with GENBAND. The sale will be for all of the assets of its North America, Caribbean and Latin America and Asia Carrier VoIP and Application Solutions business. Other parts of the business were also named in the agreement and would be sold separately to GENBAND including the Europe, Middle East and Africa CVAS business.
The courts also ordered an auction allowing other bidders to submit higher or better offers for the CVAS business by a Feb. 23, 2010 deadline. The auction will take place Feb. 25 and the final sale will still need U.S. and Canadian approval.
For more:
- see the release
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