Nortel: Now Its Time to Auction Off GSM Unit

Nortel Networks Corp. now will auction its GSM-GSMR business.

The insolvent telecom equipment maker made the announcement late Wednesday evening.

The GSM business raked in $377 million in sales in the first half of 2009. Now Nortel plans to auction it, even without a bidder in place. That’s not common in bankruptcy auctions but it marks [the second time Nortel has put a unit up for auction without anyone officially in line.

Offers are due by Nov. 5. The open auction is scheduled for Nov. 9. Courts in the United States and Canada must approve any final sale agreement.

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