Battle Over $7.3B Nortel Cash Won’t Be Sent To Arbitration

Law360, Wilmington (March 8, 2013, 4:44 PM EST) -- The looming battle between Nortel Networks Corp. and its global affiliates over $7.3 billion of cash will remain under the supervision of bankruptcy courts in Delaware and Canada, two judges ruled Friday, rejecting a proposal to arbitrate the dispute.

During a joint teleconference, U.S. Bankruptcy Judge Kevin Gross and Chief Justice Geoffrey Morawetz of the Ontario Superior Court told attorneys for the parties to begin preparing immediately for a fall trial, where the courts will weigh competing claims from the defunct Canadian telecom’s far-flung affiliates to...
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