Hewlett-Packard (HP) and Hewlett-Packard Financial Services (HPFS) filed with the U.S. Bankruptcy Court a limited response to Nortel Network’s (NNI) motion, pursuant to Bankruptcy Rule 9019, for an order approving the stipulation of settlement of avoidance claims by and between (1) NNI and Nortel Networks (CALA and (2) HP and HPFS. The response states, “…HP and HPFS are concerned that a party in interest other than the Debtors might contend in subsequent litigation involving HP or HPFS that they were not put on notice of those provisions of the releases. HP and HPFS do not believe that any party would be successful in the assertion of such a contention. However, in the abundance of caution, HP and HPFS request that decretal paragraph 2 of the proposed form of Order on the Motion be revised to read as follows: The Debtors are authorized to enter into the Stipulation, and the Stipulation, including, but not limited to the releases contained in paragraphs 5 and 6 thereof, is approved in its entirety; HP and HPFS submit herewith as Exhibit A, a revised proposed form of Order providing for the revised decretal paragraph 2.”
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.