Nortel Units Fight For Arbitration Over $4B From Sales

Law360, Wilmington (June 7, 2011, 10:20 PM EDT) -- European units of Nortel Networks Inc. lobbied bankruptcy courts in Delaware and Canada on Tuesday to force arbitration over how nearly $4 billion in asset sale spoils will be divided between the defunct telecom and its far-flung affiliates.

After mediation on the issue failed to forge a consensus, Nortel and its Canadian parent, Nortel Networks Corp., asked U.S. Bankruptcy Judge Kevin Gross and his Canadian counterpart, Justice Geoffrey Morawetz of the Ontario Superior Court of Justice, to approve a set of procedures for allocating the sale...
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