Nortel's Escrow Agreement With JPMorgan Approved

By Leigh Kamping-Carder

Law360, New York (November 12, 2009, 4:59 PM ET) -- Nortel Networks Corp., on the eve of finalizing an $1.13 billion sale of certain wireless assets to Telefonaktiebolaget LM Ericsson, won bankruptcy court approval on Thursday to have the funds held in an escrow account with JPMorgan Chase Bank NA.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware signed off on Nortel’s motion to enter into an escrow agreement with JPMorgan, authorizing the company to immediately set aside any funds it receives from selling the wireless assets.

Nortel said an escrow...
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