Nortel committee allowed to replace Capstone with Berkeley Research

By Kali Hays

New York, July 9 – Nortel Networks Inc.’s official committee of unsecured creditors received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Berkeley Research Group LLC as its replacement financial adviser, according to a Thursday order.

The hiring is retroactive to June 1.

As previously reported, the committee said the personnel involved in the company’s case all left the currently approved financial adviser, Capstone Advisory Group LLC, and went to work for Berkeley.

In order to “ensure continuity of representation,” the committee decided to hire Berkeley as its financial adviser, according to the motion.

Berkeley staff and directors will be paid hourly rates ranging between $125 and $1,250.

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.

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