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Avaya is top contender for Nortel’s corporate networking business

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.

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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.

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