In case you missed the news right before the holidays, Nortel announced that it has entered into a "stalking horse" asset sale agreement with GENBAND for the sale of Nortel's CVAS business. See the complete press release here

GENBAND is a worldwide supplier of next-generation IP gateways, session border controllers and fixed mobile convergence (FMC) security solutions. The proposed transaction with GENBAND provides for the transition of substantially all of Nortel's CVAS customer contracts. GENBAND will acquire substantially all of Nortel's CVAS assets, including softswitching, gateways and SIP applications and all patents and IP that are predominantly used in the CVAS business. GENBAND has teamed with one of its existing shareholders, One Equity Partners III, L.P. (OEP), to assist in financing the proposed purchase of Nortel's CVAS assets. OEP manages investments and commitments for JP Morgan Chase & Co. in private equity transactions.

For more information on GENBAND, check out their website at www.genband.com and see an "open letter" to Nortel CVAS employees from Charles Vogt, GENBAND President and CEO here

Stay tuned for more information about the CVAS auction date and next steps. You can also visit Nortel's Restructure Website here