Nortel creditor protection extended to Dec. 14

The Canadian Press ~ The News
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Nortel Networks Corp.'s court protection from creditors has been extended to Dec. 14, providing the former Canadian technology giant more time to complete the sale of its assets and other restructuring efforts.

The former Nortel building at Carling Campus. (File photo)

 

The Ontario Superior Court order comes as Nortel's lawyers conduct an auction of the company's 6,000 patents – the last of its technology assets.

The auction began Monday in New York, but details have been kept confidential.

Internet search engine giant Google originally put in a starting bid at US$900 million in early April. Details of other bids or bidders haven't been disclosed.

IPhone maker Apple, Swedish telecom company Ericsson and chipmaker Intel have been suggested as likely contenders.

It has been estimated the patents could fetch as much as $1.5 billion.

 

Organizations: Nortel, Ontario Superior Court order, Google Apple Ericsson Intel

Geographic location: New York

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