Nortel receives four more months for reorganization, report says
Telecommunications gear Nortel will receive another four months to reorganize under bankruptcy protection, Dow Jones Daily Bankruptcy Review reported Friday.
Nortel, which employs some 2,000 people in RTP, filed for bankruptcy earlier this year and already had received two extensions to file its reorganization plan. The plan is now due by Sept. 11. The judge in the case also gave Nortel until Nov. 10 to receive creditor approval for the plan.
The decision, made Thursday at a federal court in Delaware, affects Nortel’s U.S. operations, the news service said.
Nortel “said it needed more time because it was still negotiating with creditors and ‘assessing all potential business opportunities or alternatives,’ the news service added.
Media reports in recent weeks have said Nortel is negotiating with numerous companies to sell off some of its business units as part of the reorganization.
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