Nortel Creditors Clash in Latest Round of $7.3 Billion Cash Fight

April 5, 2016 2:01 p.m. ET

WILMINGTON, Del.There is no sign of a quick end to the long-running fight over how to divide the remnants of Nortel Networks Corp., a legal battle that has kept the defunct telecommunication companys investors and former employees waiting for years to be paid.

Nortels U.S. unit, bondholders, Canadian creditors and British pensioners argued before a federal judge in Delaware today, continuing a contest over $7.3 billion raised in the liquidation of the defunct global telecommunications giant.

Nortel filed for bankruptcy around the world in 2009 and sold its businesses and patents. Then the fight for the money began, with the Can…

Read the full article at: http://www.wsj.com/articles/nortel-creditors-clash-in-latest-round-of-7-3-billion-cash-fight-1459879270

April 5, 2016 10:07 a.m. ET

The long-running fight over how to divide the remnants of Nortel Networks Corp. continues Tuesday in a U.S. federal court, with creditors in Canada, the U.K. and the U.S. vying for a share of the $7.3 billion raised from the liquidation of the defunct global telecommunications giant.

Nortels U.S. unit is appealing a ruling of U.S. Bankruptcy Judge Kevin Gross, whose 2015 decision dashed hopes of big profits for investors in Nortels bonds. Bondholders were counting on Nortels U.S. division to win, a victory that would have meant payment in full on $4 billion in bonds, plus another $1 billion in interest.

Instead, bondholders are…

Read the full article at: http://www.wsj.com/articles/nortel-creditors-clash-in-latest-round-of-7-3-billion-cash-fight-1459865240

Nortel Creditors Clash in Latest Round of $7.3 Billion Cash Fight – Wall Street Journal

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Nortel Creditors Clash in Latest Round of $7.3 Billion Cash Fight – Wall Street Journal

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