Seven years to the day after Canadian telecom giant Nortel Networks filed for bankruptcy protection in three countries, lawyers for the companies warring creditors assembled in New York on Thursday in a last-ditch attempt to resolve the global feud over $7.3 billion in spoils.
Nortel’s insolvency proceedings have now lasted nearly twice as long as those of Lehman Brothers Holdings, the largest bankruptcy in U.S. history. The two-day meeting that began Wednesday is the fourth court-ordered mediation so far aimed at brokering a deal to divide Nortel’s remains.
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