Nortel wins approval for sale of businesses
Business Law
Nortel Networks Corp. said late Wednesday it won court approval in the U.S. and Canada to sell two of its business units.
The larger unit, Nortel's global optical networking and carrier ethernet businesses, is going to Ciena Corp. The business is one of the most sought-after assets of Nortel, a once-dominant network gear maker that is selling itself off in pieces after filing for Chapter 11 protection in January.
The deal gives Ciena all products, contracts, and intellectual property, including technology that improves the speed and capacity of fiber optic networks.
Bankruptcy courts in Delaware and Ontario approved the deal over objections by Finnish rival Nokia Siemens Networks, which said that it would be willing to pay $810 million in cash for the business with its partner, One Equity Partners.
Related listings
-
General Growth Properties files for reorganization
Business Law 12/02/2009General Growth Properties Inc. said Wednesday that it has filed its reorganization plan, and its lenders have agreed to restructure about $9.7 billion in shopping mall mortgage loans, more than previously planned.Last month the mall operator, which e...
-
Supreme Court again denies ex-Qwest CEO Nacchio
Business Law 12/01/2009The U.S. Supreme Court has rejected another request by former Qwest Communications International Inc. CEO Joseph Nacchio to review his insider trading conviction.The court revealed Monday that it won't reconsider its decision in October not to take u...
-
GM sues steering column supplier
Business Law 11/24/2009General Motors Co. has sued a supplier over problems with steering columns that have so far cost the automaker more than $30 million to fix.The Detroit automaker is seeking damages from JTEKT North America Inc. and subsidiary JTEKT Automotive Virgini...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.