Nortel Networks and its subsidiaries sold 6,000 patents to a consortium consisting of Apple, EMC, Ericsson, Microsoft, Research In Motion and Sony. 

The winners emerged after a multi day auction with a cash bid of $4.5bn. 

In a statement  the company said: 'The sale includes more than 6,000 patents and patent applications spanning wireless, wireless 4G, data networking, optical, voice, internet, service provider, semiconductors and other patents. The extensive patent portfolio touches nearly every aspect of telecommunications and additional markets as well, including Internet search and social networking.'

"Following a very robust auction, we are pleased at the outcome of the auction of this extensive patent portfolio", said George Riedel, Chief Strategy Officer and President of Business Units, Nortel. "The size and dollar value for this transaction is unprecedented, as was the significant interest in the portfolio among major companies around the world"

The sale is subject to applicable Canadian and U.S. Court approvals which will be sought at a joint hearing expected to be held on July 11, 2011. Nortel will work diligently with the consortium to close the sale in the third quarter of 2011.

The company, which filed for bankruptcy sad it does does not expect that the Company's common shareholders or the NNL preferred shareholders will receive any value from Nortel's creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests.

In a separate statement Nortel said: 'Nortel Networks Corporation [OTC: NRTLQ] announced that it, its principal operating subsidiary Nortel Networks Limited and its other Canadian subsidiaries that filed for creditor protection under the Companies'Creditors Arrangement Act (CCAA) have obtained an order from the Ontario Superior Court of Justice (Canadian Court) further extending, to December 14, 2011, the stay of proceedings that was previously granted by the Canadian Court. The purpose of the stay of proceedings is to provide stability to the Nortel companies to continue with their divestiture and other restructuring efforts and to continue to work toward the development of a plan of arrangement under CCAA.'