Nortel sells switching business for $17.7m
Telecom equipment provider Nortel (www.nortel.com) has won a bankruptcy judge's approval to sell its data switching business for $17.7 Million to Israeli integrated application delivery solutions provider Radware, member of the RAD Group (www.rad.com) of voice and data communications technology companies.
US bankruptcy judge Kevin Gross gave his approval at a hearing in Wilmington, Delaware, following a March 23 auction of Nortel's Layer 4-7 assets (which includes data switches) that was canceled after no other bids were received, according to a Bloomberg report, citing official court records.
Canada-based Nortel filed for bankruptcy in January both in the US, Canada and the UK after its value dropped by nearly $7 billion in four years. Its Chapter 11 file presented in Delaware reported assets of $11.6 billion and debt of $11.8 billion in September 2008. In an effort to scale back its operations, Nortel had previously announced plans to cut 5,000 jobs in 2009.
On a more optimistic note, Nortel unveiled plans this week to continue its efforts in the unified communications marketplace with the latest release of its enterprise voice and unified communications platform, the Communication Server 1000, which offers a fully converged network, advanced applications and more than 750 telephony features fully distributed over IP LAN and WAN infrastructure.
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