(Source: Reuters

Nortel Networks Corp (NT.TO: Quote), the telecom equipment maker fighting for survival under bankruptcy protection, has struck a C$97 million ($82.9 million) deal to sell some of its real estate to the city of Calgary, Alberta.

In documents filed recently with the Ontario Superior Court, Nortel says the city will buy its Westwinds properties — a pair of buildings and “several acres of developable land” in Calgary — and that the deal is expected to close on June 15, pending court approval.

Read Wojtek Dabrowski’s full article ” Nortel strikes C$97 mln land deal with Calgary” in Reuters (May 12, 2009).

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