Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Nortel Networks Stipulation Approval Sought

0
0

Nortel Networks (NNI) filed with the U.S. Bankruptcy Court a motion authorizing NNI’s entry into and approving a stipulation with CRT Special Investments that resolves the claimant’s claims against NNI.

Court-filed documents explain, “As detailed in the Stipulation, the Claimant has acquired approximately 10 Claims asserted against the Debtors for liability for certain trade claims and for claims related to pension benefits of former employees of the Debtors. The Claims assert general unsecured liabilities against the Debtors of $1,944,435.65….As a result of negotiations, subject to this Court’s approval, NNI has reached a compromise with the Claimant that the Claims, which were asserted as general unsecured claims of $1,944,435.65 will be allowed as: general unsecured claims by the Claimant against NNI in an amount totaling $1,487,839.91.”

NNI also filed with the Court a motion seeking approval of a compromise with Bulldog Investors General Partnership. That motion explains, “As detailed in the Stipulation, Claimant has acquired approximately 18 Claims asserted against the Debtors for liability for pension benefits of former employees of the Debtors. The Claims assert general unsecured liabilities against the Debtors of $14,426,189.33 and priority liabilities of $1,251,424.84….As a result of negotiations, subject to this Court’s approval, NNI has reached a compromise with the Claimant that the Claims, which were asserted as general unsecured claims of $14,426,189.33 and priority claims of $1,251,424.84, will be allowed as: general unsecured claims by the Claimant against NNI in an amount totalling $10,066,553.”

The Court scheduled a November 8, 2016 hearing to consider both stipulations, with objections due by November 1, 2016. Read more NNI bankruptcy news.

The post Nortel Networks Stipulation Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images