[November 19, 2009] Nortel Networks sets optical networking and carrier ethernet auction for Friday. Tweet (Canadian Press DataFile Via Acquire Media NewsEdge) TORONTO _ Nortel Networks Corp. says another bidder has emerged for its optical networking and carrier ethernet units and an auction will be held on Friday. The insolvent telecom equipment maker made the announcement Wednesday, but declined to name the second company. U.S.-based Ciena Corp. (NASDAQ:CIEN) has already made a US$521-million bid for the assets, which include some of Nortel's most prized businesses units, intellectual properties and employees. Bankruptcy court judges in both Delaware and Ontario gave the ``stalking horse'' bid a green light in mid-October. Nortel will still require court approvals once a winner is determined. The company will likely appear before a judge next week, though a date has not been set. The former Canadian technology heavyweight, has been selling off its divisions after filing for creditor protection in January. So far, it has sold off several pieces of the business, including its next-generation packet core network component assets to Japanese electronics manufacturer Hitachi Ltd. for US$10 million, and its enterprise solutions division to New Jersey-based Avaya for $900 million. (c) 2009 The Canadian Press [ Back To TMCnet.com's Homepage ]