Toronto Stock Exchange

U.S., Canadian Judges Approve Nortel Bankruptcy Sale

Submitted by admin on Fri, 09/18/2009 - 12:32.

Nortel Networks Inc. won approval Wednesday from judges in Delaware and Ontario for the $900 million sale of a Nortel unit that makes communications systems for businesses.

In a joint hearing involving a video link between courtrooms in Wilmington and Toronto, where Nortel Networks Corp. is based, U.S. Bankruptcy Judge Kevin Gross and Canadian Justice Geoffrey Morawetz approved the sale of Nortel Enterprise Solutions to New Jersey-based Avaya Inc. for $900 million in cash and a $15 million contribution to a Nortel employee retention program.

RIM Positive About BlackBerry in Weak Economy

Submitted by admin on Mon, 11/17/2008 - 12:11.

Research In Motion's co-CEO acknowledged Thursday that the economy is going through tough times but said he does not expect businesses and consumers to abandon their BlackBerrys.

Jim Balsillie told investors at an RBC Capital Markets conference that this is most intensive economic period he has ever known.

"There are more variables, more need to navigate, more need for hands on the wheel and eyes on the road right now. If you don't, you do it at your peril," he said.