Nortel Blasts Genband For Slashing Offer To $143M

Law360, New York (November 19, 2010, 4:09 PM EST) -- Nortel Networks Corp. has accused Genband Inc. of drastically and improperly reducing its offer to purchase the bankrupt telecom's Voice over Internet Protocol and application solutions unit to $142.9 million.

In a filing Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Nortel says Genband's purchase price adjustment “ignores the clear terms of the sale agreement” by reducing its offer from the $179.5 million to which it had agreed in December.

According to Nortel, the sale agreement allows the purchase price to be adjusted...
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