Key Settlement Approved In Nortel Ch. 11

Law360, Wilmington (January 7, 2014, 5:09 PM EST) -- A Delaware bankruptcy judge gave the thumbs-up Tuesday to a major settlement that resolves billions of dollars in claims against the U.S. arm of Nortel Networks Corp. by European affiliates and U.K. pensioners — a measure that could significantly streamline the upcoming cross-border allocation battle.

James L. Bromley of Cleary Gottlieb Steen & Hamilton LLP, an attorney for Nortel's U.S. estate, called the settlement a “milestone motion” in the defunct telecommunications giant's long-running bankruptcy case, and U.S. Bankruptcy Judge Kevin Gross said he would approve the...
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