Nortel settles fight to divvy up $7.3 billion from liquidation

Nortel settles fight to divvy up $7.3 billion from liquidation
 

Former telecommunications equipment giant Nortel Networks Ltd [NRTLQN.UL] reached an agreement on Wednesday to divvy up the $7.3 billion raised from liquidating the failed company, clearing the way for pensioners and bondholders to get paid after a seven-year wait.
The agreement provides 24 percent or $1.8 billion of the cash for Nortel's former U.S. business. Nortel estates in Canada and Europe will receive 57 percent and 18 percent each, the former company said in a court filing.
The cash at the center of the fight was raised from the sale of Nortel's global businesses, including patents... read more

 
12 October 2016 in Business, Views: 39
Source: Reuters
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