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Nortel bankruptcy fees hit $1B US
Lawyers and other professionals paid huge sums while disabled former employees struggle
Fees paid to lawyers and other professionals working on the ongoing bankruptcy proceedings of Nortel Networks Corp. have passed the $1 billion US mark. That's outraged former Nortel employees who saw their long-term disability benefits cut after the company went under.
Ernst & Young, the firm hired by the Ontario Superior Court to be the Canadian Companies' Creditors Arrangement Act (CCAA) monitor is already projecting another $47 million US of professional fees from this past October until February 1, 2014.
http://www.cbc.ca/news/politics/nortel-bankruptcy-fees-hit-1b-us-1.2436829
Lawyers and other professionals paid huge sums while disabled former employees struggle
Fees paid to lawyers and other professionals working on the ongoing bankruptcy proceedings of Nortel Networks Corp. have passed the $1 billion US mark. That's outraged former Nortel employees who saw their long-term disability benefits cut after the company went under.
Ernst & Young, the firm hired by the Ontario Superior Court to be the Canadian Companies' Creditors Arrangement Act (CCAA) monitor is already projecting another $47 million US of professional fees from this past October until February 1, 2014.
http://www.cbc.ca/news/politics/nortel-bankruptcy-fees-hit-1b-us-1.2436829
