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The Wall Street Journal: Nortel Networks gets OK to start distributing $7.3 billion to creditors

Nortel Networks Corp. won approval to start distributing $7.3 billion to creditors, a major step in the long-running demise of the telecommunications company.

Judges in Canada and the U.S. on Tuesday cleared Nortel to open up the lockbox containing $7.3 billion raised by selling its businesses and patents in bankruptcy.

While most Canadian creditors will collect less than half of what they are owed under the plan, bondholders with claims against both Nortel in Canada and its U.S. unit expect to recover 95% or more of what they’re owed. Checks should go out in the next couple of months, according to Lisa Schweitzer, lawyer for Nortel’s U.S.

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