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Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Bankrupt moved another step closer to liquidation Wednesday when bankruptcy courts in the U.S. and Canada approved the sale of its Voice over Internet Protocol business to Genband.

The deal is worth $282 million minus what Nortel called $100 million in adjustments, leaving the telecommunications gear maker with $182 million.

is based in Texas.

Nortel still has some workers at its RTP operation. Many are involved in other bankruptcy transactions that have already been approved.

The companies announced their deal in December and an auction was scheduled for last week, but no other bidders materialized.

Nortel is in the process of selling all its major business units as part of the bankruptcy plan it launched in January 2009.

Some Nortel workers in the VoIP and Application Solutions group known as CVAS will lose their jobs.

“A significant majority of CVAS employees will have the opportunity to continue employment with Genband,” Nortel said in a statement. “This includes those employees assigned to the CVAS business in certain [Europe, Middle East, Africa] jurisdictions who will transfer automatically to Genband by operation of law.”

The agreement also calls for “substantially all” of Nortel’s customer contracts serviced by the VoIP group to be transferred to Genband.