The ruling on Wednesday by US and Canadian courts that Nortel’s UK pension fund will get 71% of what it is owed from the bankrupt firm — ranking equally with all other creditors — could pave the way for the scheme to seek the largest-ever pensions buyout in the UK.
The judgement, delivered simultaneously from courts in Ontario, Canada and the US state of Delaware, means the UK pension fund and its 33,000 members will rank equally in the Nortel bankruptcy with other creditors, such as bondholders.
