Nortel Gets Green Light To Sell Assets

Law360, New York (October 16, 2009, 5:04 PM EDT) -- Bankruptcy judges have given the green light for telecommunications company Nortel Networks Corp. to sell its optical networking and carrier Ethernet assets, with communications equipment supplier Ciena Corp. as lead bidder.

Bankruptcy judges in both Delaware and Ontario approved bidding procedures on Thursday, according to Ciena representative Nicole Anderson.

A Nortel representative told the Associated Press that changes were made to the bidding procedures and to the termination provisions of the stalking horse agreement after the judges requested they be changed.

Anderson said all matters in...
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