Nortel goes overseas?

Maybe it is over?

Bankruptcy courts in U.S., Canada approve Ericsson's US$1.13 billion Nortel bid
Source: The Canadian Press
By Maria Babbage

THE CANADIAN PRESS

TORONTO_ LM Ericsson has won its bid to buy key assets of insolvent Nortel Networks after bankruptcy courts in Canada and the United States approved the Swedish company's US$1.13-billion bid.

In his ruling Tuesday, U.S. Judge Kevin Gross said he was satisfied that the assets were being sold at a fair price and both Nortel and its creditors will benefit.

``For all of those reasons, I am very enthusiastically prepared to enter the sale order in this matter,'' he said.

It's rare that a bankruptcy judge is enthusiastic, but ``I'm very enthusiastic'' about the sale, Gross said in his ruling, heard in the Canadian court via video.

But the rulings Tuesday in Toronto and Delaware may not be the final word in the tumultuous saga that has seen the former Canadian technology darling fall from atop the country's business world to be sold off in chunks out of creditor protection.

Before the decisions were handed down, vocal opposition to the deal sprang from a number of groups who say the company is too valuable to fall into foreign hands, including federal opposition parties, the Ontario government and BlackBerry maker Research In Motion (TSX:RIM), which failed in its own bid for the assets.

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