Nortel's UK Retirees Seek Arbitration After Failed Talks

Law360, Wilmington (February 11, 2013, 5:22 PM EST) -- After mediation efforts failed last month, retirees of Nortel Networks Corp.’s U.K. unit on Friday proposed arbitration to end a protracted fight over how to split $9 billion of liquidation proceeds among creditors of the bankrupt telecom and its global affiliates. 

The trustee for Nortel’s U.K. pension plan — who is seeking at least $1.3 billion from the company’s U.S. unit on behalf of pensioners — said in a Delaware bankruptcy court filing that arbitration is preferable to the litigation path proposed by the Canada-based company...
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