Written by: Bekz 1/11/2010 10:45 AM
Jan. 6 (Bloomberg) -- Nortel Networks Corp. won court permission to auction its Internet telephone business with an opening bid of $282 million from Genband Inc., which makes equipment for Internet calling.
Bankruptcy judges in the U.S. and Canada approved rules for the auction, including as much as $13.6 million in fees for Genband, which is co-owned by Equity Partners III LP, an investment manager for JPMorgan Chase & Co. The two judges, acting in a joint hearing linked by audio and video, overruled an objection to the fees, agreeing with Nortel that the payments were needed to lock in Genband’s bid.
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