Nortel gets bankruptcy court approval to sell division to GenbandBy AP
Wednesday, March 3, 2010
Nortel gets approval to sell division to Genband
SAN FRANCISCO — Nortel Networks Corp. has been cleared to sell nearly all of its Carrier Voice over Internet Protocol (VoIP) and Application Solutions business globally to Genband Inc. for $282 million.
Nortel, based in Toronto, and Genband, based in Plano, Texas, said Wednesday that the deal has been approved by bankruptcy courts in Canada and the United States.
Nortel has been selling its operations since filing for creditor protection in January.
The deal was originally announced Dec. 23.