TORONTO – Nortel Networks’ global system for mobile communications (GSM) business, the popular wireless technology standard for mobile phones, is the next business on the auction block.
The company has filed a motion with the U.S. Bankruptcy Court to allow bidders to submit offers for the GSM/GSM-R business, with a similar motion set to be filed with the Ontario Superior Court of Justice.
Nortel has worked with more than 100 operators in over 65 countries to implement its GSM/GPRS/EDGE networks. Built on Nortel’s GSM access and core network solutions, the networks are characterized by near-wireline voice quality, unparalleled security, unequalled radio performance, high-availability and leading-edge wireless voice and data capabilities, the company said in an announcement.
Subject to approval of the bidding procedures, qualified bidders can submit offers for by November 5, 2009, subject to any permitted extensions. Competing qualified bids are then expected to proceed to an "open auction", scheduled for November 9, 2009. A final sale agreement will be subject to approval by the U.S. and Canadian courts.
