Nortel Allowed To Auction Wireless Business

Law360, New York (June 29, 2009, 12:00 AM EDT) -- A bankruptcy judge has approved bidding procedures for telecommunications company Nortel Networks Corp. to sell its wireless infrastructure business, with Nokia Siemens Networks BV making the $650 million stalking horse bid.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware approved Nortel's proposed bidding procedures, with an exception, at a hearing on Monday, according to a minute entry. The minute entry did not say what the exception was.

Canada's Ontario Superior Court of Justice, where Nortel is in creditor protection, also approved...
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