Nortel Networks Corporation [OTC: NRTLQ] announced that it, its principal operating subsidiary Nortel Networks Limited (“NNL”) and its other Canadian subsidiaries that filed for creditor protection under the Companies’ Creditors Arrangement Act have obtained an order from the Ontario Superior Court of Justice (“Canadian Court”) further extending, to January 29, 2010, the stay of proceedings that was previously granted by the Canadian Court. The purpose of the stay of proceedings is to provide stability to the Nortel companies to finalize funding arrangements and continue with their divestiture and other restructuring efforts.
Possibly Similar posts (auto generated):
- Nortel to sell assets of its Carrier Networks business Nortel* Networks Corporation [OTC: NRTLQ] plan to sell, by auction, the assets of its Carrier Networks business associated with the...
- Nortel completes sale to Hitachi Nortel Networks Corporation [OTC: NRTLQ] announced that its principal operating subsidiary, Nortel Networks Limited (NNL), its U.S. subsidiary, Nortel Networks...
- Nortel GENBAND Agreement Obtains Canadian and U.S. Court Approval Nortel Networks Corporation announced that at a joint hearing today, it, its principal operating subsidiary Nortel Networks Limited (NNL)...
{ 0 comments… add one now }