Nortel Gets Go-Ahead To Sell Business Unit

Law360, New York (March 30, 2009, 12:00 AM EDT) -- A judge overseeing the bankruptcy case of Nortel Networks Corp.'s U.S. affiliates has given the Canadian technology company his blessing to sell off a segment of its product portfolio.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware approved Nortel's sale motion Thursday and directed that the order be deemed effective and enforceable immediately.

“Time is of the essence in closing the transaction and parties to the purchase agreement shall be authorized to close the sale as soon as possible, consistent with...
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