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Nortel Networks resolves more than $3B in bankruptcy claims

  • Nortel Networks (NRTLQ +22.2%) shares jump after the company settles more than $3B in claims by former Nortel entities in Europe in exchange for high-priority administrative claims for $37.5M.
  • The parties have also agreed to work to resolve the question of how to divide $7.5B raised through the liquidation of Nortel's assets.
  • The company called the agreement a "significant milestone" in its 5-year bankruptcy proceedings.
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