In January, seven years after Canadian telecom giant Nortel Networks filed for bankruptcy protection in three countries, lawyers for Nortel’s warring creditors were still negotiating 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. A two-day meeting in January was the fourth court-ordered mediation so far aimed at brokering a deal to divide Nortel’s remains.
