GE Phone Deal Wins Tentative Approval

NorthJersey.com (02/19/05) ; McKay, Martha

A New Jersey Superior Court judge has given tentative approval to a settlement agreement between customers of insolvent phone service reseller Norvergence and GE Capital. The preliminary settlement covers roughly 660 small businesses in a dozen states, including 247 in New Jersey. The settlement includes a pledge by GE Capital to pardon 85 percent of each lease total. Each of the affected businesses in the 12 states that held leases with GE Capital is now part of a proposed class action and must notify the court if they desire to be exempt, attorneys say. Norvergence filed for bankruptcy in July.