With no additional bidders, Nortel Networks Corp. was forced to sell its global VoIP assets for only $182-million, well below their estimated worth.

The Canadian telecom equipment-maker has been auctioning off assets to pay back billions of debt to creditors and in pension payments. Wednesday’s announcement that Nortel would close the sale of its voice over Internet protocol solutions business to Texas-based Genband Inc. follows an announcement in December. The price does not include $100-million Nortel is contributing in adjustments.

The Nortel unit, known as the carrier VoIP and application solutions business (CVAS), was a world leader, providing soft switches and technology for wireless carriers around the world. But the so-called “stalking horse” offer by Genband, a private company, failed to attract other bidders.

Jennifer Pigg, vice-president at the Yankee Group, estimated the unit would attract an initial bid of $500-million. Other Nortel divisions, such as the enterprise or next-generation wireless units, are selling for basically double their initial bids or asking prices of $475-million and $650-million, respectively.

Nortel has sold most of its major assets. It is now mulling whether to lease its valuable, high-tech patent families or sell them outright.