Nortel's $65M Sale Of Switch Unit To Ericsson OK'd

Law360, New York (September 30, 2010, 4:09 PM EDT) -- Bankruptcy judges in the U.S. and Canada on Friday approved the $65 million sale of Nortel Networks Inc.’s multi-service switch business to Telefonaktiebolaget LM Ericsson, which outbid a private equity–backed stalking horse in an auction earlier this month.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware and Justice Geoffrey Morawetz of the Ontario Superior Court of Justice cleared the sale of the bankrupt telecom’s assets in a joint proceeding, overruling an objection from lead plaintiffs in a securities suit against the...
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