Nortel delays auction deadline for some assets
TORONTO (AP) – Nortel Networks Corp. says it has completed the $1.13 billion sale of its wireless network business to LM Ericsson of Sweden, but it is allowing more time for bids in an auction for its optical networking and carrier Ethernet units.
The former Canadian tech heavyweight has been selling assets after filing for creditor protection early this year.
The auction of its optical networking and carrier Ethernet units was originally scheduled for Friday, but Nortel said qualified bidders now have until Tuesday to submit offers.
Ciena Corp., based in Linthicum, Md., has offered $521 million for the assets.
Nortel previously sold its enterprise solutions division to Avaya, which is based in New Jersey, for $900 million.
Nortel said Friday that it will release updates on the sales process next week.