Nortel Gets OK to Sell Off VoIp Business Unit

Bankruptcy courts in the United States and Canada have given the green light to Genband's bid for Nortel's VoIP business unit. The OK from the respective governments gives Nortel the go-ahead to sell off the business unit at an auction scheduled for Feb. 25.

Other qualified bidders have until Feb. 23 to submit their offers, reports TMCnet. Genband will have the opportunity to exceed any other bids at the Feb. 25 auction. So far, Genband's $282 million cash offer is unopposed.