A Canadian court yesterday closed the door on legal challenges to a ruling that divvied up the $7.3 billion raised from the liquidation of Nortel Networks, a former Canada-based telecoms equipment maker that went bankrupt in 2009, Reuters reported. The decision barred U.S. parties from appealing a May 2015 ruling by the Ontario Superior Court of Justice, which issued an opinion that was coordinated with the U.S. Bankruptcy Court in Wilmington, Delaware. The two courts have been working in tandem to oversee the Nortel bankruptcy, and last year's simultaneous decision ruled that every creditor would receive roughly 71 cents on the dollar. That formula was advocated by representatives of Nortel's British pensioners, but opposed by the Nortel businesses in the United States and Canada.
