Bankruptcy courts OK Nortel bid

LM Ericsson’s US$1.13-billion deal to buy key assets of insolvent Nortel Networks won court approval in Canada and the United States on Tuesday despite objections to the sale.

TORONTO — LM Ericsson’s US$1.13-billion deal to buy key assets of insolvent Nortel Networks won court approval in Canada and the United States on Tuesday despite objections to the sale.

Both judges said they were satisfied that the Nortel assets were being sold at a fair price, that no bidder was unfairly shut out of the auction and that both Nortel and its creditors will benefit.

Before the decisions were handed down, 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.

Liberal Leader Michael Ignatieff and NDP Leader Jack Layton asked the federal government to block the sale of insolvent Nortel’s cutting-edge technology, appealing to the other parties in Parliament to convene an emergency session of the Commons industry committee to consider the sale.

Just Posted

Alberta hiring more paramedics and buying new ambulances, none for Red Deer

Red Deer Mayor Tara Veer is not concerned the provincial government didn’t… Continue reading

‘My nightmare began again’: Close call as bus carrying Humboldt crash survivor rear-ended

CALGARY — A terrifying ordeal for Humboldt Broncos survivor Ryan Straschnitzki this… Continue reading

Halifax airport operations normalize after Boeing 747 runway overshoot

HALIFAX — The Halifax Stanfield International Airport has resumed normal operations a… Continue reading

Bentley family left without a home grateful for community support

Central Albertans are coming together to support a Bentley family left homeless… Continue reading

Red Deer RCMP ready for new mandatory alcohol screening law

Red Deer RCMP are ready to enforce a new law intended to… Continue reading

WATCH: Red Deer and District Kennel Club Dog Show at Westerner Park

The Red Deer and District Kennel Club is holding a dog show… Continue reading

Pence aide out of running to be Trump’s next chief of staff

WASHINGTON — President Donald Trump’s top pick to replace chief of staff… Continue reading

Swath of South faces wintry mess: Snow, sleet, freezing rain

CHARLOTTE, N.C. — A massive storm brought snow, sleet, and freezing rain… Continue reading

‘I killed my best friend’: Opioids’ fatal grip on mayor, pal

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

Brothers, 20, face second-degree murder charge in death of teen: police

MISSISSAUGA, Ont. — Police west of Toronto say two brothers have been… Continue reading

A young mayor, his friend, and a fatal attraction to opioids

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

GM fights to retain key tax credit amid plant closing plans

WASHINGTON — General Motors is fighting to retain a valuable tax credit… Continue reading

TTC union asks provincial government to step in on transition to Presto

TORONTO — The union representing transit workers in Canada’s most populous city… Continue reading

Small pot growers find roadblocks on path to microcultivation licences

Yan Boissonneault’s daughter was turning blue. Without warning, his baby had stopped… Continue reading

Most Read