Nortel Networks Corp., which has been selling off all of its businesses under court protection from creditors, said Thursday it lost US$115 million in its latest quarter, the Winnipeg Free Press reported on a Canadian Press story. The former telecom hardware maker, which keeps its books in U.S. dollars, said the loss amounted to 23 cents per share in the quarter ended June 30 compared with a loss of $1.6 billion or $3.22 per share a year ago. Revenue totalled $1 million for the quarter compared with $145 million in the second quarter of 2010.

A receiver continues to manage the affairs of a British Columbia-based street light technology company that received $1.5 million in investments from city-owned Hydro Ottawa, the Ottawa Citizen reported. Streetlight Intelligence Inc., a Victoria-based company that made energy-saving automated dimmer switches for street lights, went into receivership in May.

China's largest offshore oil and gas producer plans to spend $2.1 billion US buying Opti Canada Inc. in a move expected to inject cash into the troubled Long Lake oilsands project, in which the beleaguered Calgary firm has a stake, the Calgary Herald reported. The deal announced by state-owned China National Offshore Oil Corp.

The Canadian government ruled Tuesday its rules governing foreign investment don't apply in the $4.5 billion sale of patents belonging to Nortel Networks Corp, Dow Jones Daily Bankruptcy Review reported. In a statement, Industry Minister Christian Paradis said the acquisition of 6,000 patents by a consortium primarily of giant foreign technology companies led by Apple Inc. and Sweden's Telefon AB L.M. Ericsson didn't trigger a government review because the book value of the assets was less than the C$312 million ($325 million) threshold established under Canadian law.

A court has delayed a hearing that will decide whether Blockbuster Canada can legally use the brand name as it goes through receivership, The Canadian Press reported. The hearing had been scheduled for Wednesday, but has been bumped to July 26 in a New York City court. The new owner of Blockbuster USA, which did not buy Blockbuster Canada, says it does not want the Canadian retailer to use the name. The receiver in charge of selling Blockbuster Canada has argued that stripping the chain of that right would "devastate" business.

Oil-sands developer OPTI Canada Inc. on Wednesday sought creditor protection in Canada after its senior bondholders agreed to a debt-for-equity swap, as the company struggles to speed up its Long Lake development project, Dow Jones Daily Bankruptcy Review reported. OPTI, which would have had to pay $71 million in interest by Friday to avoid default on two bonds, said in a Wednesday release that holders of both its 8.25% and 7.875% second-lien bonds have agreed to convert all those bonds into equity in a reorganized OPTI.

Apple Inc., Microsoft Corp., and their bidding allies are due in court next week to close on a $4.5 billion win in the auction of Nortel Networks Corp.'s portfolio of technology patents, Dow Jones Daily Bankruptcy Review reported. Judges in the U.S. and Canada must sign off on the deal, the largest ever sale of intellectual property, and a transaction that will reverberate through courts around the world as the winners wield their Nortel prizes in infringement cases.

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

Blockbuster Inc.'s Canadian subsidiary on Thursday got a 14-day extension to keep using the Blockbuster name through the middle of July, as the video-rental company sorts out issues on both sides of the border, Dow Jones Daily Bankruptcy Review reported. Without the agreement, Blockbuster Canada would have been forced by new Blockbuster owner Dish Network Corp. to stop using the Blockbuster name on June 30. After about two hours privately meeting with Judge Burton R. Lifland of the U.S.

Judges in the U.S. and Canada have pushed Nortel Networks Corp.'s warring units back into mediation, urging them to reach a deal over how to divide some $4 billion raised in the telecommunications company's global liquidation, Dow Jones Daily Bankruptcy Review reported. The prospect that Nortel's creditors around the world could wait a long time to find out how much of the cash they will get is "troublesome," Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., wrote. The wait is due to a dispute over whether Nortel should divide the cash in court, as Nortel U.S.