| SAN FRANCISCO
SAN FRANCISCO Oct 7 Units of former
telecommunications equipment giant Nortel Networks said on
Friday they need more time for talks to try to reach deal on
divvying up $7.3 billion raised from liquidating the failed
A letter filed with the U.S. Third Circuit Court of Appeals
by a lawyer for Nortel requested an additional 30 days to
continue settlement talks over the funds.
Former Nortel business units in Canada, the United States
and Europe have been pushing differing proposals for splitting
The funds came from the sale of Ontario-based Nortel's
global businesses, including patents sold in 2011 for $4.5
billion to a group of technology firms led by Apple Inc
, Microsoft Corp and Sony Corp.
The proceeds triggered one of the most expensive and complex
cross-border legal battles in history.
Fees for lawyers and advisers paid out of the Nortel estate
have topped $1.9 billion, according to Diane Urquhart, a
financial analyst who compiles the data from court records.
Nortel was among the world's most valuable companies during
the 1990s' Internet bubble, but it fell into bankruptcy in 2009
and into liquidation.
An agreement would clear the way for pensioners and
bondholders to get paid after a seven-year wait.
(Reporting by Jim Christie; Editing by Cynthia Osterman)