PANAMA CITY - Prime Minister Stephen Harper says he won't take any extraordinary measures to block the sale of Nortel assets to foreign buyers.
Nortel, a global telecom network vendor that was once Canada's most valuable company, is selling off its key assets after seeking bankruptcy protection in Canada and the United States.
The prime minister was asked about Nortel during a news conference while visiting Panama.
Harper replied that he will let the regulatory process play itself out under the Investment Canada Act.
He also said he will not legislate any protectionist measures to block the sale.
Harper said he's been urging the Americans to avoid protectionism and it would not be right to take protectionist measures himself.
Nortel has been operating under Chapter 11 bankruptcy protection in the United States and Canada's Companies' Creditors Arrangement Act since January.
Executives have been working to sell off pieces of the business as part of an auction process.
The first round involved the sale of Nortel's wireless assets, which it has agreed to sell to Ericsson for $1.13 billion. The deal includes a commitment to employ 800 Canadians from Nortel.
The Liberals and New Democrats are telling the Harper government to scrap the deal, arguing it would put cutting-edge Canadian technology in foreign hands.
Ontario Finance Minister Dwight Duncan has made a similar appeal, but federal Industry Minister Tony Clement was non-commital about any action to block the sale to Ericsson.
