Nortel Networks continues its bargain basement sale to pay off creditors by selling off its pieces of 20 venture capital funds.
As reported in Total Telecom via the Dow Jones Daily Bankruptcy Review citing a court filing, Credit Suisse Group and Willowridge Partners will purchase the VC stakes for about $23 million.
Nortel has asked the U.S. Bankruptcy Court in Delaware to approve the deal sans another auction because the VC stakes were already part of a competitive sale process.
The vendor started investing in venture capital funds in 1997 as a way to get access to early-stage communications technology. After filing for bankruptcy protection in 2009, the once-dominant telecom vendor began selling off its key assets, including its wireless businesses (both CDMA and LTE), Optical/Ethernet, and enterprise and service provider voice switching assets.
However, Nortel has not indicated what it will do with its patent portfolio, which is estimated to be worth about $1 billion.
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