Mealey's Bankruptcy - Nortel: Stay Modification Needed; Litigation Against Directors, Officers Proper

Mealey's Bankruptcy - Nortel: Stay Modification Needed; Litigation Against Directors, Officers Proper

WILMINGTON, Del. - Bankrupt Nortel Networks Inc. (NNI), the parent company of Canadian entity Nortel Networks Corp. (NNC), on April 17 filed a brief in the U.S. Bankruptcy Court for the District of Delaware, arguing that it should be permitted to modify a stay order so it can pursue litigation against NNC's directors and officers for alleged violations of securities laws (In Re: Nortel Networks Corporation, No. 09-10164, Chapter 15, D. Del. Bkcy.).

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