Nortel Networks mediation ends without agreement on $9 bln

Thu Jan 24, 2013 4:37pm EST
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Jan 24 (Reuters) - Creditors of bankrupt telecoms company Nortel Networks failed to reach a deal to split $9 billion among U.S., Canadian and European insolvency and bankruptcy proceedings, according to a statement from the mediator on Thursday.

The mediator, Warren Winkler, the Chief Justice of Ontario, said in a brief statement that he concluded further efforts at mediation are no longer worthwhile.

Retirees in Canada and the United Kingdom have been fighting for a larger portion of the cash against the company's bondholders.