Nortel Networks obtains court approval of Beeline.com claim settlement

By Caroline Salls

Pittsburgh, April 17 - Nortel Networks, Inc., Nortel Altsystems Inc., Nortel Networks (CALA) Inc. and some of their affiliates received court approval of a stipulation agreement with Beeline.com, Inc., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

In September 2009, Beeline filed three proofs of claim in Nortel's Chapter 11 cases, including a $3.5 million claim against Nortel Altsystems, a $3.5 million claim against Nortel Networks (CALA) and a $3.5 million claim against Nortel Networks.

Under the stipulation, the Nortel entities agreed to settle an avoidance claim and the Beeline proofs of claim in exchange for reducing the Nortel Altsystems claim to $73,646, the Nortel Networks (CALA) claim to $28,370 and the Nortel Networks claim to $2.9 million.

Nortel, a Brampton, Ont.-based manufacturer and supplier of telecommunications networking equipment, filed for bankruptcy on Jan. 14, 2009. Its Chapter 11 case number is 09-10138.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.