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Nortel U.S. Gets 4-Month Bankruptcy Reorg Extension

Nortel Networks Corp.’s (NT) U.S. operations now have until Sept. 11 to file a bankruptcy reorganization plan with the courts, according to a report published on Friday by Dow Jones Daily Bankruptcy Review.

The U.S. divisions were to have submitted that roadmap by May 14. But a judge just approved a four-month extension and gave Nortel until Nov. 10 to secure creditor support for its plans for emerging from Chapter 11.

Late last month, another judge gave Nortel in Canada, along with all of the company’s Canadian subsidiaries, until July 30 to submit its bankruptcy reorg data.

Both the U.S. and Canadian versions of Nortel are protected from creditor claims until they exit bankruptcy.


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