Nortel Ch. 11 Disclosure Cleared For $7.3B Bankruptcy Plan

Law360, Wilmington (December 1, 2016, 4:17 PM EST) -- Nortel Networks Inc. won approvals Thursday for a long-delayed disclosure and confirmation schedule for the American share of a $7.3 billion global bankruptcy distribution, over muted objections in Delaware from the Pension Benefit Guarantee Corp. and a handful of other creditors.

U.S. Bankruptcy Judge Kevin Gross announced at the outset of a joint hearing by phone with a Canadian court that he considered the company’s disclosure adequate. Any objections, he said, should focus on the plan itself at a confirmation now scheduled for Jan 24 — eight...
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