Nortel settles fight to divvy up $7.3 billion from liquidation – Reuters Canada

By Tracy Rucinski and Jim Christie (Reuters) – Former telecommunications equipment company Nortel Networks Ltd reached an agreement with their various business units on Wednesday to divvy up the $7.3 billion raised from liquidating the failed company, paving the way for pensioners and creditors to get paid after a seven-year wait. Ontario-based Nortel stumbled from…

Nortel settles fight to divvy up $7.3 billion from liquidation – Reuters UK

By Tracy Rucinski and Jim Christie Former telecommunications equipment company Nortel Networks Ltd [NRTLQN.UL] reached an agreement with their various business units on Wednesday to divvy up the $7.3 billion (5.98 billion pounds) raised from liquidating the failed company, paving the way for pensioners and creditors to get paid after a seven-year wait. Ontario-based Nortel…

SoLocal Group financial restructuring plan has been approved by its creditors – Business Wire (press release)

BOULOGNE-BILLANCOURT, France–(BUSINESS WIRE)–Regulatory News: SoLocal Group (Paris:LOCAL) announces that more than two-thirds of the creditors have approved today its financial restructuring plan. The plan will now be submitted on 19 October 2016 at the Combined General Shareholders Meeting, who will have to take a decision with a majority of two-thirds. The vote of shareholders will be…

‘Modified universalism’ considered for the first time in a Scottish corporate insolvency case – Shoosmiths legal updates (press release)

An opinion issued this week is the first examination by a Scottish court of the principle of ‘modified universalism’ and the requirements for an enforceable floating charge where all the company’s property is situated in a non-UK jurisdiction. This opinion by Lord Tyre in the Court of Session concerns three companies incorporated in Scotland, but…

Allow LLPs to sign on as insolvency professionals: experts to govt – Hindu Business Line

Insolvency resolution requires a set of multidisciplinary skills from legal to technical for effective outcomes New Delhi, October 12:   The Centre should consider limited liability partnerships (LLPs) as an eligible vehicle for being registered as insolvency professional, say insolvency law experts. The draft regulation on registration of insolvency professionals currently provides that only an individual…