Nortel Networks Corporation, March 31, 2016
March 31, 2016
The United States District Court for Delaware will hear the appeal of the allocation decision of Judge Gross dated May 12, 2015 at 9 am on April 5, 2016 in Wilmington, Delaware.
As previously reported, on May 12, 2015 the Ontario Superior Court of Justice (Commercial List) and the United States Bankruptcy Court released consistent decisions requiring the allocation of assets from the sale of Nortel’s businesses and intellectual property be based on a pro rata approach. Following these decisions, the US Interests, including the US Debtors and the Ad Hoc Group of Bondholders, filed motions in the US appealing the decision and seeking leave to appeal of the decision in Canada.
We will provide updates regarding the result of both the US and Canadian appeals as they become available. For more information regarding the background and status of the appeals please visit our Allocation Litigation tab by clicking here.