The distribution of the $7.5 billion in cash raised by insolvent Nortel Networks Inc. during an asset auction will be decided by joint proceedings in the Delaware and Canadian courts, the U.S. Court of Appeals for the Third Circuit has ruled in a precedential opinion.
In a decision affirming a decision of the U.S. Bankruptcy Court for the District of Delaware, the federal appellate court rejected a claim by administrators for Nortel’s European estates that the asset distribution should be resolved through arbitration instead of the courts.
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