Letting the (Optical) Bidding Begin!

The auction of Nortel’s optical and Ethernet assets has overcome a hurdle after bankruptcy courts in the U.S. and Canada approved Ciena’s $521-million “stalking horse” bid. The approval came after the judges expressed some unhappiness with some of the details of the bid, including Ciena’s break-up fee.

“We understand that there were changes to the bidding procedures and a change to the termination provisions of the stalking horse agreement,” Nortel spokesman Bo Gowan told Canadian Press. “We do not have specific details on those changes at this time; however any modifications will be reflected in the court orders which will be publicly available.”

Bids for the optical and Ethernet assets are due by Nov. 9 with bidding slated for Nov. 13. Let’s see who’s going to step up to the plate over the next three weeks.