Nortel Bondholders Rebuffed in Court

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Canada’s Supreme Court rebuffed an appeal by Nortel Networks Corp. bondholders over the share they are getting in the distribution of $7.3 billion in the company’s bankruptcy. The Wall Street Journal has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Atlantic City, N.J., is getting closer to bankruptcy after a day of politicking in New Jersey didn’t produce a rescue plan, WSJ reports.

Chinese rel-estate developer Kaisa Group Holdings Ltd. is seeking chapter 15 bankruptcy protection in the U.S. after defaulting on bonds last year, Bloomberg reports.

Republican presidential candidate Donald Trump thinks Pureto Rico should write down its debts, Washington Wire reports.

WSJ reports on Caesars Entertainment Corp. coming to a first-quarter loss.

The Associated Press reports on Chesapeake Energy Corp.’s narrowed first-quarter loss.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa