Nortel cleared to end bankruptcy, distribute $7 bln to creditors: Reuters

Judges in Delaware and Canada have approved a plan to pay more than US$7 billion to creditors of Nortel Networks Ltd, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009, Reuters reported. Ottawa-based Nortel was once among the biggest makers of telecom equipment in the world, with a market capitalization of US$250 billion at the height of the 1990s technology bubble. Some of the biggest bondholders include George Soros' investment vehicle Quantum Partners LP and Elliott Management Corp.

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