Nortel gets court nods for Google's "stalking horse"
(Reuters) - Nortel Networks Corp, the fallen Canadian telecom giant, said it had received court approvals for the "stalking horse" bid made by a unit of Google Inc for its portfolio of technology patents for $900 million.
Nortel also said the courts allowed others bidders to submit their offers for the highly coveted patent portfolio by June 13.
Nortel said the U.S. Bankruptcy court for the District of Delaware and the Ontario Superior Court of Justice approved the sale agreement with Ranger Inc, a unit of Google.
A "stalking horse" bid is used when a bankrupt company chooses an interested firm to set the bar so that other bidders can't low-ball a purchase price.
The auction is currently set to take place on June 20.
(Reporting by Abhiram Nandakumar in Bangalore; Editing by Sriraj Kalluvila)