Nortel Networks Corp.’s warring creditors will meet in New York today seeking to end a standoff that has kept pensioners and bondholders waiting to divvy up $7.3 billion in the defunct telecommunications company’s seven-year bankruptcy, Bloomberg News reported yesterday. The goal is to resolve court appeals in the U.S. and Canada so the money, most of which was raised in one of the most successful patent auctions in the U.S., can be distributed. Nortel retirees in Canada and the U.K. have been fighting with U.S. bondholders over how to divide the cash, raised when Nortel’s U.S. unit sold a bundle of patents in 2011 to a group that included Microsoft Corp., Apple Inc. and Sony Corp. In May, judges in the U.S. and Canada ruled that the money should be split on a proportional basis once claims against the Canadian company are resolved.
