Nortel Gets OK To Sell Enterprise Unit For $475M

Law360, New York (August 4, 2009, 7:00 PM EDT) -- Bankrupt telecommunications giant Nortel Networks Inc. reportedly won approval from courts in Canada and the U.S. on Tuesday to sell off its enterprise solutions business for $475 million.

Judge Kevin Gross granted the debtor's motion seeking approval for the auction in the U.S. Bankruptcy Court for the District of Delaware.

The Ontario Superior Court of Justice also approved the auction on Tuesday, Reuters reported.

Avaya and Nortel announced the agreement in July, but the courts had yet to approve the move for an auction.

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