US, Canadian Courts OK Major Nortel Asset Deals

Law360, New York (December 3, 2009, 2:27 PM EST) -- Nortel Networks Inc. has received approval from U.S. and Canadian bankruptcy courts for two of its major asset sales: a $769 million deal to send its optical networking and carrier Ethernet assets to Ciena Corp. and a $70 million agreement to sell its North American GSM assets to Telefonaktiebolaget LM Ericsson.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware signed off on the two recently announced sales at a joint hearing on Wednesday with the Ontario Superior Court of Justice, which...
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