Posted Jan. 7, 2010 at 7:31 a.m.
Nortel
Nortel receives OK for Genband’s ‘stalking horse’ VoIP bid
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RESEARCH TRIANGLE PARK, N.C. – Bankrupt
Nortel Networks can proceed with plans to auction off one of its few remaining assets – its Voice over Internet Protocol business.
Bankruptcy courts in the U.S. and Canada agreed Wednesday to approve Texas-based Genband’s bid for the VoIP business unit. Genband now has “stalking horse” standing for a bidding process that is scheduled for Feb. 25. Genband will have the opportunity to exceed other bids.
Bids for the business must be received by Feb. 23, Nortel said.
Genband offered $282 million for the VoIP group last month.
Nortel, which maintains a presence in RTP, is in the process of liquidating.
Copyright 2012 WRAL Tech Wire. All rights reserved.
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