It’s a world where an e-mail that takes just six minutes to write costs more than $100, and where just the act of compiling one month’s legal bill – not the bill itself – costs $40,000. Welcome to the high-stakes, high-priced universe of cross-border bankruptcy litigation, where what remains of Nortel Networks Corp. is being slowly drained away by lawyers and consultants, The Globe and Mail reported. Nortel’s bondholders, pensioners and other creditors have been engaged in an expensive fight over the $9-billion left over from the piecemeal sale of the company.

Street surveillance cameras in one of the world's most dangerous cities were turned off last week because Honduras' government hasn't paid millions of dollars it owes. The operator that runs them is now threatening to suspend police radio service as well, the Associated Press reported. Teachers have been demonstrating almost every day because they haven't been paid in six months, while doctors complain about the shortage of essential medicines, gauze, needles and latex gloves.

Talks to divide $9 billion raised from the sale of businesses of Nortel Networks, the telecoms equipment maker that went bankrupt in 2009, ended without agreement, and the mediator said on Thursday further discussions were no longer worthwhile, Reuters reported. The failure of nearly two weeks of talks in Toronto raises the prospect that disputes among various creditors and retirees around the world could lead to years of litigation over how to divide the cash.

A mediator overseeing creditor negotiations in Nortel Networks' bankruptcy said on Tuesday he is extending talks over how to distribute about $9 billion in cash at the fallen telecom, Reuters reported. Ontario Chief Justice Warren Winkler said in a statement the mediation, scheduled to end at noon on Tuesday, had been extended, but did not say for how long. A spokesman for the mediator declined to give detail on the length of the extension.

Video game company Atari SA said it filed for bankruptcy protection in Paris and New York on Monday after it failed to find a successor to main shareholder and sole lender BlueBay as it wrestles with tough market conditions, Reuters reported. The U.S. operations plan, in addition, to separate from their French parent to seek independent capital to grow in digital and mobile games, Atari Inc said in a statement. The U.S.

The Cayman Islands are poised to break with decades of secrecy by opening thousands of companies and hedge funds domiciled on the offshore Caribbean territory to greater scrutiny. The British overseas territory, which wants to shed its reputation for clandestine financial activity, is introducing sweeping reforms that will make public the names of thousands of previously hidden companies and their directors.

The former chief executive of bankrupt Nortel Networks and two former senior executives were found not guilty Monday of falsifying financial reports in what prosecutors said was a scheme to report profits and gain bonuses, the Associated Press reported. Ontario Superior Court Justice Frank Marrocco dismissed all charges against former chief executive Frank Dunn, chief financial officer Douglas Beatty and corporate controller Michael Gollogly. The verdicts come four years to the day after Nortel sought bankruptcy protection and began liquidating.

Nortel Networks was once the largest telecommunication equipment company in North America, but since it filed for bankruptcy in 2009 it has earned a new label: one of the world's most complicated legal proceedings, Reuters reported. Bondholders, suppliers, governments and former employees from around the globe hold $20 billion in claims based on different insolvency laws and are competing for Nortel's last remaining asset - $9 billion in cash.

Axtel SAB plunged the most in three weeks after a creditor group said it would reject the company’s restructuring offer. The stock of Mexico’s second-largest land-line phone carrier fell 3.9 percent to 3.19 pesos at 1:59 p.m. in Mexico City Friday. Bondholders controlling 40 percent of Axtel’s dollar notes will reject the Mexican phone company’s restructuring offer, Bloomberg News reported yesterday, citing a letter obtained from two investors in a creditor group.

Global regulators gave banks four more years and greater flexibility on Sunday to build up cash buffers so they can use some of their reserves to help struggling economies grow. The pull-back from a draconian earlier draft of new global bank liquidity rule to help prevent another financial crisis went further than banks had expected by allowing them a broader range of eligible assets.