Nortel Settlement Resolves Billions In UK, Euro Claims

Law360, Wilmington (December 17, 2013, 10:28 PM EST) -- Nortel Networks Corp.'s U.S. arm asked the Delaware bankruptcy court Tuesday to approve a major settlement it struck with U.K. pensioners and European creditors that would resolve billions of dollars in claims and could streamline its upcoming cross-border allocation battle.

Nortel called the deal a “critical step forward” in its sprawling, five-year bankruptcy saga that significantly simplifies its disputes with representatives for U.K. pensioners with $1.3 billion in claims, as well as several administrators of insolvent European units of the defunct telecommunications giant that have claims...
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