Nortel Faces Flood Of Claims From European Affiliates

Law360, Wilmington (May 10, 2011, 6:38 PM EDT) -- Nortel Networks Inc. will soon see a multibillion-dollar flood of claims from overseas affiliates that must be resolved before it divides $4 billion in asset sale proceeds among its units, attorneys for the defunct company said at a Delaware hearing Tuesday.

A group of largely European Nortel affiliates in bankruptcy in the U.K. have already filed $9.8 billion in claims against parent company Nortel Networks Corp. in its Canadian restructuring and will file similar intercompany claims against the U.S. debtors by June 1, Nortel attorney James...
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