WILMINGTON, Del. AP – Nortel Networks Inc. won approval Wednesday from judges in Delaware and Ontario for the $900 million sale of a Nortel unit that makes communications systems for businesses.
In a joint hearing involving a video link between courtrooms in Wilmington and Toronto, where Nortel Networks Corp. is based, U.S. Bankruptcy Judge Kevin Gross and Canadian Justice Geoffrey Morawetz approved the sale of Nortel Enterprise Solutions to New Jersey-based Avaya Inc. for $900 million in cash and a $15 million contribution to a Nortel employee retention program.
