Nortel Networks looks to sell residual GSM/GSM-R assets for $2 million

By Caroline Salls

Pittsburgh, May 12 - Nortel Networks Inc. requested court approval of the proposed $2 million sale of the residual assets of its GSM/GSM-R business to Telefonaktiebolaget L M Ericsson, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Nortel previously sold substantially all of the assets of the GSM/GSM-R business to Ericsson and Kapsch CarrierCom AG.

The residual assets include inventory and supplies, computers, assigned contracts, copies of business information and some contracts and bids.

Nortel has requested a May 19 hearing.

Nortel, a Brampton, Ont.-based manufacturer and supplier of telecommunications networking equipment, filed for bankruptcy on Jan. 14, 2009. Its Chapter 11 case number is 09-10138.

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