Featured Articles

AMD SVP John Byrne named turnaround exec of the year

AMD SVP John Byrne named turnaround exec of the year

Director of AMD’s PR Chris Hook has tweeted and confirmed later in a conversation with Fudzilla that John Byrne, Senior Vice…

More...
Shield Tablet 8 launching on Tuesday July 22nd

Shield Tablet 8 launching on Tuesday July 22nd

We knew the date for a while but as of right now we can confirm that Nvidia’s new Shield Tablet 8,…

More...
AMD confirms 20nm in 2015

AMD confirms 20nm in 2015

Lisa Su, Senior Vice President and Chief Operating Officer, AMD, has confirmed what we told you back in May 2014 – …

More...
AMD reports loss, shares tumble

AMD reports loss, shares tumble

AMD’s debt load is causing huge problems for the chipmaker -- this quarter it had another substantial loss. The tame Apple Press…

More...
AMD A8-7600 Kaveri APU reviewed

AMD A8-7600 Kaveri APU reviewed

Today we'll take a closer look at AMD's A8-7600 APU Kaveri APU, more specifically we'll examine the GPU performance you can…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Monday, 09 December 2013 12:50

Nortel fight goes to court

Written by Nick Farrell



There can be no settlement

A battle over the failed Nortel Networks' $7.5 billion in cash pile will be sorted out in a joint US/Canadian court and not in arbitration. The U.S. Court of Appeals for the Third Circuit in Philadelphia upheld a bankruptcy court ruling in March that there was never an agreement to use arbitration to divide the pile of cash among various Nortel estates around the world.

Nortel tried to get protection from creditors in courts around the world in 2009 and its businesses were quickly sold, reducing a once-global corporate giant to little more than a pile of cash. However, it was never decided how to allocate the money raised between different insolvency and bankruptcy proceedings in different countries.

Kevin Gross, a bankruptcy judge in Wilmington, and Ontario Superior Court Justice Geoffrey Morawetz in Toronto have scheduled a joint trial for next year to decide the dispute. The two have been holding joint hearings linked by video since Nortel sought creditor protection four years ago. An administrator for the European estates has said the unusual trial arrangement would lead to "chaos" in part because there is no appeals court that binds both courts.

 

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments