Nortel Buzzboard CategoriesNortel went in front of the U.S. and Canadian courts yesterday to get approval for several items related to the sale of Nortel's Optical and Carrier Ethernet businesses. It was just last week that Nortel and Ciena announced that they had entered into asset sale agreements for these businesses for US$390 million in cash and 10 million shares of Ciena stock.
In yesterday's court proceedings, Ciena's stalking horse agreement and the bidding procedures were approved. The courts also confirmed several dates and deadlines related to the bidding procedures. The deadline for the submission of qualified bids by other parties is November 9th at 4:00pm ET. Assuming multiple bidders, the auction will begin on November 13th at 9:30am ET. And the U.S. and Canadian court hearing to approve the successful bid is scheduled for November 19th at 1:00pm ET.
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