Nortel: GSM Auction Rescheduled, Hitachi Sale Approved

Two relatively significant pieces of news from Nortel Networks were released on Wednesday.

First, the bankrupt telecom equipment maker said it has pushed the auction of its GSM wireless business from Nov. 9 to Nov. 20. That gives “interested parties,” as Nortel put it, another seven days to submit bids for the assets, which include some patents.

Second, Nortel received court approval to sell some of its next-gen packet core network components, including software, to Hitachi Ltd. The deal is worth $10 million and Hitachi was the only company that wanted the properties.

Nortel has steadily sold its divisions to pay off creditors since becoming insolvent on Jan. 14.

Share this article: Email, Slashdot, Digg, Del.icio.us, Yahoo!MyWeb, Windows Live Favorites, Furl
Add this article feed to: RSS, My Yahoo, Newsgator, Bloglines