Case Study: In Re Nortel Networks

Law360, New York (February 3, 2012, 5:18 PM EST) -- On Dec. 29, 2011, the U.S. Court of Appeals for the Third Circuit issued an opinion in the Chapter 11 bankruptcy case In re Nortel Networks Inc., holding that the “automatic stay” on creditor collection actions outside the bankruptcy applied to prevent the U.K. Pension Protection Fund and the Trustee of the U.K. Nortel Pension Plan from participating in U.K. pension proceedings initiated by the U.K. Pensions Regulator.

The decision turned narrowly on the court’s conclusion that neither the Pension Protection Fund nor the Trustee were...
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