The offload continues for bankrupt Nortel Networks, the once-mighty Canadian telecoms giant. On Monday, according to Reuters, Nortel announced a deal to sell its enterprise solutions business for $475 million to Avaya, a company that sells communications equipment and software worldwide.
A team of lawyers from Cleary Gottlieb Steen & Hamilton, headed by bankruptcy partner James Bromley, is advising Nortel on the sale. The transaction is structured as a “stalking horse” agreement, which allows a distressed firm to enter into a deal at a sale price that serves as a bidding floor at bankruptcy auction. Nortel has filed for an auction date in early September.
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