NL Short Takes
News | 01/13/2003 5:00 am EST
360networks suing Nortel for US$101M after restructuring
The American subsidiary of 360networks Inc. and a group of unsecured creditors of the fibre company are suing Nortel Networks Corp. to recover US$101.1 million. The funds were transferred to the equipment maker after 360networks filed in June 2001 for creditor protection, a move which resulted in the fibre firm re-establishing itself as 360networks Corp. If recovery of the money is successful, US$81.5 million will go to the creditors.