December 9, 2010 / 5:07 PM / 8 years ago

Nortel taking final bids in patent sales -sources

(In U.S. dollars)

TORONTO/NEW YORK, Dec 9 (Reuters) - Final bids are due within weeks for patents valued at more than $1 billion that are being sold by Nortel Networks NRTLQ.PK, according to three sources with knowledge of the auction process.

The sale, under Canada’s once mighty telecom giant’s bankruptcy proceedings, will give bidders the chance to buy some 4,000 patents, split into groups of related technologies.

Two sources said the patents have been offered in six groups, and final bids are due in a few weeks.

“There has been one round of bidding on those patents, this has been completed,” said one of the sources, who declined to be identified because the process is private. (Reporting by Alastair Sharp in Toronto and Nadia Damouni in New York; editing by Rob Wilson)

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