Judges in Delaware and Canada yesterday approved a plan to pay more than $7 billion to creditors of Nortel Networks, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009, Reuters reported. The rulings by U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware and Frank Newbould of the Superior Court of Justice in Toronto ends one of the longest and most expensive chapter 11 cases, marked by battles over funds raised by the company's liquidation. The coordinated ruling yesterday will allow repayment of vendors, retirees in Canada, government agencies and investment funds later this year.
