Nortel Networks Corp. tomorrow will ask a bankruptcy court to sign off on what it called a "milestone" in its long-running liquidation: a settlement with key creditors in a fight over billions of dollars, the Wall Street Journal reported on Saturday. In December, Nortel's U.S. unit reached a deal to resolve a bitter battle over how much it owes its European creditors and U.K. retirees. Nortel would pay $75 million under the settlement, which would also allow the company to shake nearly $2 billion of claims filed in its chapter 11 case for a fraction of the amount asserted by representatives of French creditors, British pensioners and other European creditors, court papers say.
