Nortel Networks has been given the go ahead by US and
Canadian courts to auction off its corporate networking business in
New York on 11 September.
The Canadian telecoms equipment maker, which is operating under
Chapter 11 bankruptcy protection, recently won court approval for a
$1.1bn deal with Ericsson .
The Swedish company
outbid Nokia Siemens and MatlinPatterson in an auction for
Nortel's core wireless assets, which was also held in New York.
Last month US business communications group Avaya made a $475m
offer for Nortel's networking business, but other bidders could
take part in the September auction.
The sales are part of Nortel's programme to sell assets while
under court protection.
Nortel filed for
bankruptcy protection in January in the US and Canada to give
the company the opportunity to deal with costs, debts and
restructuring.