After all, they sold their Optera optical transport group to Ciena, their DMS switching group to Genband, their Enterprise business to Avaya, their Passport data products to Hitachi, and their GSM business to Ericsson and Kapsch. Why bring them up now? Well in fact, thousands of Nortel bondholders, retirees and suppliers are still waiting to be repaid billions of dollars.
Reuters reported earlier this week that Nortel Networks Inc., has reached a deal that will cut more than $3 billion from what was allegedly owed to former Nortel entities in Europe, marking what it called a “significant milestone” to ending its five-year bankruptcy.
“The settlement agreement represents a critical step forward by the parties to resolve the costly and contentious litigation amongst the Nortel affiliates,” said the filing, in the U.S. Bankruptcy Court in Wilmington, Delaware.
The legal battles have been fought in numerous jurisdictions applying a variety of laws, making a resolution in court a challenge. Several rounds of mediation also failed.
Let’s hope for the sake of the retirees awaiting payments, that a resolution is close at hand. Unfortunately, this may still drag on for years…