The U.S. Bankruptcy Court issued an order approving Nortel Networks’ motion, pursuant to Bankruptcy Rule 9019, for entry of an order approving the stipulation resolving claims with United States Debt Recovery VIII. As previously reported, “NNI has reached a compromise with the Claimant that: (i) Claim No. 403 will be allowed as a general unsecured claim by the Claimant against NNI in the amount of $1,045,970.29; and (ii) Claim No. 7616 will be allowed as a general unsecured claim by the Claimant against NNI in the amount of $527,168.64; and In consideration for the allowance of Claim No. 403 and Claim No. 7616 in the foregoing amounts against NNI, the Claimant has agreed, subject to this Court’s approval, to release and forever discharge the Debtors from any and all liability it now has or hereafter may have arising from or related to the Claims other than for the allowed amount of such Claims.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.