In the news

May 3, 2016

Nortel U.S. Challenge to Cash Split Shut Down by Canadian Court

By Peg Brickley
The Wall Street Journal

A Canadian court has shut down a legal challenge by Nortel Networks Corp.’s U.S. unit to a ruling on how to divide some $7.3 billion raised in the defunct telecommunications giant’s international bankruptcy.

The decision from the Court of Appeal for Ontario closed off the avenue of appeal in Canada to Nortel’s U.S. unit and its creditors, including bondholders unhappy with rulings last year from U.S. and Canadian courts that set out...

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