Nortel Agrees To $182M Asset Sale To Genband

Law360, New York (February 24, 2010, 4:42 PM EST) -- Bankrupt telecommunications company Nortel Networks Corp. said Wednesday that it will sell its carrier Voice Over Internet Protocol and application solutions unit to Genband Inc. for $182 million without holding an auction.

Nortel agreed to go with its stalking horse bidder after receiving no additional bids for the business, which it is selling to help generate the funds it needs to exit Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

The purchase price reflects a $282 million offer, subject to balance sheet...
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