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

Cannabis legalization won’t impact one Red Deer pot dispensary

Nothing changes for Compass Cannabis Clinic in Red Deer despite legalization

Cannabis retail store will open later in October in Red Deer

Two cannabis stores coming to downtown Red Deer

Neighbours drop opposition to Red Deer County communications tower

Communication tower to be located in Balmoral Heights

Legal cannabis comes with many unknowns: Red Deer County councillors

Councillors question how rural municipalities will be able to enforce cannabis regulations

Kitten season puts pressure on Red Deer shelter

More public education needed to control cat population

WATCH: Two weeks away from Canadian Finals Rodeo in Red Deer

In just two weeks, Ponoka’s Shayna Weir will compete with the best… Continue reading

‘Start low, go slow’: Experts walk bud beginners through cannabis 101

With the countdown to cannabis legalization Wednesday ticking towards 4-20, some novice… Continue reading

NHL stays with status quo as Canada pot legalization looms

As Riley Cote took and delivered countless punches over more than a… Continue reading

Paul Stanley: Kiss farewell tour could include ex-members

ATLANTIC CITY, N.J. — It won’t be all night, but former members… Continue reading

Judge tosses Stormy Daniels’ defamation suit against Trump

WASHINGTON — A federal judge dismissed Stormy Daniels’ defamation lawsuit against President… Continue reading

Canada open to growing trade with China now that USMCA is a done deal: PM

TORONTO — Canada is open to doing more business with China now… Continue reading

Pot shop raids “highly unlikely” on Wednesday: head of police chiefs

VANCOUVER — Police departments across Canada are fully prepared for marijuana legalization… Continue reading

Campers will be able to smoke cannabis at campsites in Canada’s national parks

Parks Canada says visitors should do their research on cannabis before going… Continue reading

U.S. pot firms urge Trump to deny Canadian producers’ ‘competitive advantage’

WASHINGTON — An American cannabis producer is warning President Donald Trump that… Continue reading

Most Read