[Techtaffy Newsdesk]
A court-appointed mediator has terminated Nortel’s mediation proceedings to allocate proceeds from the sale of the company’s business and assets, including inter-company claims.
The courts overseeing Nortel’s creditor protection proceedings in Canada and the United States directed the Nortel entities to participate in a joint mediation. Following the holding of an all-party mediation session, which began on January 14, 2013 and ended on January 22, 2013 without any agreement having been reached on the matters in dispute, the mediator announced on January 24, 2013 his decision to terminate the mediation.
The unsuccessful mediation follows two previous failed attempts.