Nortel's $28M Deal Over Disabled Worker Benefits OK'd

Law360, Wilmington (February 14, 2013, 3:28 PM EST) -- Nortel Networks Inc. received preliminary approval Thursday in Delaware bankruptcy court for a settlement worth as much as $28 million for disabled employees whose benefits are being cut off as the defunct telecom nears the end of a four-year liquidation.  

At a court hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross signed off on the first step in a two-part approval process for the deal, which gives 215 long-term disabled employees a $28 million general unsecured claim in the case to compensate them for the termination...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.