Nortel Networks Corp. (NRTLQ) late Wednesday said Nortel Networks Ltd. and certain of its subsidiaries have obtained approvals from courts in Delaware and Ontario to sell its enterprise unit to privately held Avaya Inc. (AV).
Avaya had previously agreed to pay $900 million in cash for the unit, which makes phone systems used in offices of companies, governments and other institutions. The approval from the courts also covers Avaya's agreement to pay up to $15 million to retain key employees in the enterprise unit.
Toronto-based Nortel filed for bankruptcy earlier this year, and has been selling off key parts of its business to pay creditors.
-By Carla Mozee, 415-439-6400; AskNewswires@dowjones.com