TORONTO (Reuters) - Nortel Networks Corp
Qualified bidders now have until November 17 to submit offers for the assets. The auction was originally scheduled to be held on Friday.
The bankrupt Canadian telecom equipment maker said it expects to provide a further update on the auction process and sale of the businesses next week.
Last month, Nortel announced that Ciena Corp's
The Ciena offer sets a floor price on the assets and allows Nortel to solicit competing offers. The winning bid is typically announced after the auction process.
A spokeswoman for Ciena declined to comment on Nortel's deadline extension.
Nortel, once North America's biggest telecommunications equipment company, filed for bankruptcy protection in January. Rather than attempting to restructure, it is auctioning off its assets in an attempt to pay back debtholders.
Toronto-based Nortel also announced on Friday that it has completed the sale of substantially all of its CDMA and LTE assets to Swedish telecom equipment maker Ericsson
(Reporting by Euan Rocha; editing by Rob Wilson)
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