Nortel a tek-wrek : Restructuring & Bankruptcy Protection

Jan 14th 2009: Nortel Networks Inc. (“NNI”) and fourteen (14) of its subsidiaries filed petitions in the United States and Canadian Bankruptcy Courts seeking relief under

• Chapter 11 of the United States Bankruptcy Code (Case No. 09-10138) and


• Companies’ Creditors Arrangement Act (CCAA) in Canada.

Note: Nortel has filed for protection from its creditors and is not in receivership or bankruptcy. Instead, the filing under Chapter 11 and CCAA is an attempt to rescue and plan restructuring so that the debtor (Nortel) diminishes the possibility of going into receivership or bankruptcy. The legislation (CCAA and Chapter 11) aims at facilitating compromises and arrangements between companies and their creditors.

Link to get an overview of CCAA (CANADA): http://www.creditgurublog.com/?p=32

Link to get an overview of Chapter 11 (USA): http://en.wikipedia.org/wiki/Chapter_11


Nortel’s link on its financial and business restructuring: http://www.nortel.com/corporate/restructuring.html

CANADA
Pursuant to the CCAA Order granted by the Ontario Superior Court of Justice, Ernst & Young Inc. was appointed Monitor of the Applicants.
Contact for stakeholders as follows:
Email: Nortel.Monitor@ca.ey.com
Toll Free: 1-866-942-7177
Website: http://documentcentre.eycan.com/Pages/Overview.aspx?SID=89
Creditors may want to read the initial court order at the following link: http://documentcentre.eycan.com/eycm_library/Project%20Copperhead/English/Court%20Orders/Nortel-Initial_Order.pdf
Link to court documents and Monitor’s Report: http://documentcentre.eycan.com/Pages/Main.aspx?SID=89&Redirect=1

USA
For information on the U.S. Chapter 11 proceedings,
Contact established for stakeholders for the U.S. claims agent:
Epiq Bankruptcy Solutions, LLC
Attn: Nortel Address Updates,
757 Third Avenue, 3rd Floor,
New York, NY 10017,
Tel: 646-282-2500 Fax: 646-282-2521
Toll free at 1-866-897-6435
Website: http://chapter11.epiqsystems.com/nortel
Link to ‘Proof of Claim’ Form: http://chapter11.epiqsystems.com/Documents.aspx
Link to court documents: http://chapter11.epiqsystems.com/docket/docketlist.aspx