Creditors of bankrupt telecoms company Nortel Networks failed to reach a deal to split $9 billion among U.S., Canadian and European insolvency and bankruptcy proceedings, Reuters reported yesterday. The mediator, Warren Winkler, the Chief Justice of Ontario, said in a brief statement that he concluded further efforts at mediation are no longer worthwhile. Retirees in Canada and the United Kingdom have been fighting for a larger portion of the cash against the company's bondholders.
