Nortel Networks a motion for approval of a settlement agreement with its official committee of retired employees, BankruptcyData.com reported today. Under the terms of the settlement, the Nortel would terminate the retiree welfare plans as of May 31, and pay the retiree committee $67 million in settlement of all claims related to the retiree welfare plans. The agreement further provides that holders of retiree claims would release Nortel from further liability. A bankruptcy court hearing is scheduled for January 23 on the matter.
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