Nortel Wins Approval For $67M Retiree Benefit Deal

Law360, Wilmington (April 2, 2013, 7:33 PM EDT) -- A Delaware bankruptcy judge on Tuesday signed off on a settlement between Nortel Networks Inc. and thousands of its retired employees that allows the defunct telecommunications giant to terminate their benefits in exchange for a one-time payment of nearly $67 million.

U.S. Bankruptcy Judge Kevin Gross commended the parties for the deal, which not only removes the real and substantial risks of litigation but provides additional benefits as well.

“I think it's an outstanding result and worthy of the court's approval,” Judge Gross said at the...
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