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Nortel Networks Mediator Appointment Approved

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The U.S. Bankruptcy Court issued an order approving Nortel Networks’ mediation motion and the appointment of a mediator to assist the parties in resolving (A) potential objections to the Debtors’ First Amended Joint Chapter 11 Plan of each of the (i) the Nortel Trade Claims Consortium (NTCC) and (ii) the Pension Benefit Guaranty Corporation (PBGC) and (B) the Debtors’ objections to the PBGC claims and amended PBGC claims.

The order states, “The Court having reviewed the Certification of Counsel Regarding Appointment of Mediator; and the Court having determined that referral to Mediation and the appointment of a Mediator is in the best interests of the Debtors, their estates, creditors and stakeholders; and sufficient cause appearing, it is hereby ORDERED as follows: Judge Joseph J. Farnan is appointed as mediator to conduct a confidential mediation concerning the potential objections of the NTCC and the PBGC to confirmation of the Plan and the Objection. For the purposes of Local Bankruptcy Rule 9019-2 and this Order, the mediation parties are (a) the Debtors; (b) the Official Committee of Unsecured Creditors; (c) the Ad Hoc Group of Bondholders; (d) the NTCC; and (e) the PBGC (the ‘Mediation Parties’).”

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The post Nortel Networks Mediator Appointment Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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