Nortel Networks has received approvals from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice for the “stalking horse” asset sale agreement with Ranger Inc., a wholly owned subsidiary of Google Inc. for the sale of all of Nortel’s remaining patents and patent applications for a cash purchase price of US$900 million.
The court orders also established bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers, as required under Section 363 of the U.S. Bankruptcy Code. Qualified bidders will be required to submit offers for the patent portfolio by June 13, 2011, subject to any permitted extensions. Competing qualified bids would then be expected to proceed to an auction, currently scheduled for June 20, 2011.
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