Appeal In $7.5B Nortel Cash Feud Sent Directly To 3rd Circ.

Law360, Chicago (May 1, 2013, 8:36 PM EDT) -- A Delaware bankruptcy judge on Wednesday sent an appeal directly to the Third Circuit regarding who has authority to decide how to split $7.5 billion raised in Nortel Networks Corp.'s liquidation among its global affiliates and their respective creditors.

Nortel’s European units are appealing U.S. Bankruptcy Judge Kevin Gross’ rejection of their bid for arbitration in favor of holding a cross-border trial to resolve the cash dispute in conjunction with the Canadian court overseeing Nortel’s main bankruptcy. In the interest of speeding along a four-year-old case that...
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.