Nortel Asks Courts To Help Split $4B In Sale Proceeds

Law360, New York (April 26, 2011, 2:54 PM EDT) -- After a failed mediation, Nortel Networks Inc. asked a Delaware bankruptcy court and its Canadian counterpart on Monday to determine how $3.7 billion in proceeds from the sale of the defunct telecom's assets should be divided among its many affiliates.

With Nortel’s last major asset — a patent portfolio for which Google has offered $900 million — expected to be sold in June, the allocation of the sale proceeds “remains the primary outstanding impediment” to moving forward on a Chapter 11 plan and paying off creditors,...
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