Courts OK Nortel, Genband $282M Stalking Horse Deal

Law360, New York (January 6, 2010, 6:18 PM EST) -- U.S. and Canadian courts have reportedly given Nortel Networks Corp. the green light to move forward with the sale of Nortel’s carrier Voice Over Internet Protocol and application solutions unit to Genband Inc. in a $282 million stalking horse agreement.

Nortel said in statement Wednesday that both the U.S. Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice approved the stalking horse asset sale agreement with Genband.

The orders also set forth bidding procedures for the auction, which is currently scheduled...
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