Nortel Networks resolves more than $3 billion in bankruptcy

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      Technology News

      A sign is pictured outside Nortel's Carling Campus in OttawaNortel Networks Inc., a defunct telecoms company, has reached a deal that will cut more than $3 billion from what was allegedly owed to former Nortel entities in Europe, marking what it called a “significant milestone” to ending its five-year bankruptcy. In return for withdrawing the claims, administrators of insolvent Nortel entities in Europe and a pension trustee in Britain would each receive high-priority administrative claims for $37.5 million, according to a court filing on Tuesday. “The settlement agreement represents a critical step forward by the parties to resolve the costly and contentious litigation amongst the Nortel affiliates,” said the filing, in the U.S. Bankruptcy Court in Wilmington, Delaware. The deal ends lengthy and long-running court fights over which Nortel entity owed what to whom, stemming from the complexity of unscrambling a company once worth $250 billion with 93,000 employees worldwide.

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