Riverstone Networks Receives $178 Million Offer From Ericsson.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif. -- Riverstone Networks Riverstone Networks, was a provider of networking switching hardware based in Santa Clara, California. Originally part of Cabletron Systems, and based on an early acquisition of YAGO, it was one of the many Gigabit Ethernet startups in the mid 1990's. , Inc. announced today that in connection with its previously-reported asset sale under section 363 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
The offer, which is subject to certain potential adjustments, was reflected in an Asset Purchase Agreement signed by Ericsson, Inc., the U.S. operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of Swedish telecommunications vendor Telefonaktiebolaget LM Ericsson. Riverstone and its advisors are currently reviewing the offer. On February 7, 2006, Riverstone and Lucent Technologies signed an asset purchase agreement in which the stated purchase price was $170 million, subject to certain potential adjustments. At the same time, Riverstone announced that it had filed a petition under chapter 11 of the U.S. Bankruptcy Code, and that it intended to conduct an auction for the sale of its assets under section 363 of the Code. The deadline for submission of bids was March 16, 2006. Riverstone received no bids other than the Ericsson offer by the deadline. The auction is now scheduled to commence at 10:00 a.m. ET on Monday, March 20, 2006, in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Riverstone Networks, Inc. is a leading provider of carrier Ethernet infrastructure solutions for business and residential communications services. Riverstone's Ethernet router router Portable electric power tool used in carpentry and furniture making that consists of an electric motor, a base, two handle knobs, and bits (cutting tools). A router can cut fancy edges for shelving, grooves for storm windows and weather stripping, circles and ovals portfolio uniquely delivers the reliability that allows carriers to meet the triple play -- voice, video and data -- service requirements of their customers in a cost-effective and scalable way. Riverstone allows carriers to offer new services over existing revenue-generating networks permitting them to evolve to a next generation Ethernet infrastructure. |
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