|By Marketwired .||
|December 13, 2012 08:38 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 12/14/12 -- Nortel(1) Networks Corporation (NNC) (OTCBB:NRTLQ) and Nortel Networks Limited (NNL) announced today that, consistent with their announcement of August 9, 2012, NNC and NNL did not file their respective unaudited financial statements and related disclosure filings for the third quarter of 2012 by the required filing deadlines under applicable securities laws as a result the determination of the court-appointed monitor in their Canadian creditor protection proceedings that future periodic reporting by both companies could no longer be justified and would be discontinued, effective as of the filing deadlines for their 2012 third quarter financial results.
As a result of the Canadian filing defaults, a temporary cease trade order ("CTO") was issued on December 12, 2012 by Authorite Des Marches Financiers (the "AMF"). The CTO is substantially similar to the cease trade order issued by the Ontario Securities Commission on December 11, 2012. The CTO prohibits all trading in securities of both NNC and NNL, effective immediately, other than for: (i) trades made for nominal consideration for the purpose of permitting a security holder to crystallize a tax loss (a "tax loss trade"); or (ii) trades in notes of either NNC or NNL to an entity that qualifies as an "accredited investor" as that term is defined under applicable Canadian securities laws (an "accredited investor trade"). The aforementioned exceptions are subject to the further qualifications that: (1) in the case of a tax loss trade, a copy of the CTO is provided to the purchaser and the seller receives a written acknowledgement from the purchaser that the securities acquired remain subject to the CTO; and (2) in the case of an accredited investor trade in notes of NNC or NNL, the purchaser will be deemed (by reason of the issuance of this news release and the posting of the CTO on the Restructuring Document Centre of Ernst & Young Inc., as monitor, at http://documentcentre.eycan.com/Pages/Main.aspx?SID=89&Redirect=1) to have received notification of the terms of the CTO and deemed to have acknowledged to the seller that the notes acquired remain subject to the CTO. The full text of the CTO accompanies this news release marked as Annex A.
The temporary CTO is scheduled to expire 15 days from the date of its issue unless extended by the AMF. NNC and NNL understand that the AMF will convene a hearing before the expiration date of the CTO for the purpose of making the CTO permanent.
NNC and NNL expect that other Canadian provincial or territorial securities regulators will issue cease trade orders similar to the CTO.
For more information, visit Nortel on the Web at www.nortel-canada.com.
Certain statements in this press release may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets", "plans", "envisions", "seeks" and other similar language and are considered forward-looking statements or information under applicable securities laws. These statements are based on Nortel's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which Nortel operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. Nortel's assumptions, although considered reasonable by Nortel at the date of this press release, may prove to be inaccurate and consequently Nortel's actual results could differ materially from the expectations set out herein.
Actual results or events could differ materially from those contemplated in forward-looking statements as a result of the following: (i) risks and uncertainties relating to the Creditor Protection Proceedings including: (a) risks associated with Nortel's ability to: obtain required approvals and successfully consummate remaining divestitures; successfully conclude ongoing discussions for the sale of Nortel's remaining assets; develop, obtain required approvals for, and implement a court approved plan; allocation of the sale proceeds of our businesses and assets among the various Nortel entities participating in these sales may take considerable time to resolve; resolve ongoing issues with creditors and other third parties whose interests may differ from Nortel's; maintain adequate cash on hand in each of its jurisdictions to fund remaining work within the jurisdiction during the Creditor Protection Proceedings; obtain any further required approvals from the Canadian Monitor, the U.K. Administrators, the U.S. Principal Officer, the U.S. Creditors' Committee, or other third parties; utilize net operating loss carryforwards and certain other tax attributes in the future;
avoid the substantive consolidation of NNI's assets and liabilities with those of one or more other U.S. Debtors; operate effectively, and in consultation with the Canadian Monitor, the Canadian creditors' committee, the U.S. Creditors' Committee, the U.S. Principal Officer, and work effectively with the U.K. Administrators and French Administrator in their respective administration of the EMEA businesses subject to the Creditor Protection Proceedings; continue as a going concern; actively and adequately communicate on and respond to events, media and rumors associated with the Creditor Protection Proceedings; retain and incentivize key employees as may be needed; retain, or if necessary, obtain court orders or approvals with respect to motions filed from time to time; resolve claims made against Nortel in connection with the Creditor Protection Proceedings for amounts not exceeding Nortel's recorded liabilities subject to compromise; prevent third parties from obtaining court orders or approvals that are contrary to Nortel's interests; and (b) risks and uncertainties associated with: limitations on actions against any Debtor during the Creditor Protection Proceedings; the values, if any, that will be prescribed pursuant to any court approved plan to outstanding Nortel securities and, in particular, that Nortel does not expect that any value will be prescribed to the NNC common shares or the NNL preferred shares in any such plan; the delisting of NNC common shares from the NYSE; the delisting of NNC common shares and NNL preferred shares from the TSX and; any cease trade orders that are expected to be issued by Canadian Securities Administers to prohibit trading in securities of NNC and NNL following the third quarter filing deadlines applicable to NNC and NNL's quarterly reporting obligations under Canadian securities laws; and (ii) risks and uncertainties relating to Nortel's remaining restructuring work including fluctuations in foreign currency exchange rates; the sufficiency of workforce and cost reduction initiatives; any adverse legal judgments, fines, penalties or settlements related to any significant pending or future litigation actions; failure to maintain integrity of Nortel's information systems; and Nortel's potential inability to maintain an effective risk management strategy.
For additional information with respect to certain of these and other factors, see Nortel's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC. Unless otherwise required by applicable securities laws, Nortel disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
(1)Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks.
DECISION No : 2012-FIIC-0256
DOSSIERS No : 17622 et 2226
Objet : Corporation Nortel Networks et Corporation Nortel Networks Limitee (les "emetteurs") Interdiction d'operations sur valeurs et preavis en vertu de l'article 318 de la Loi sur les valeurs mobilieres, L.R.Q., c. V-1.1
Les emetteurs n'ont pas depose aupres de l'Autorite des marches financiers leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 exiges par les articles 4.3, 4.4 et
5.1 du Reglement 51-102 sur les obligations d'information continue (le "Reglement 51-102") et par l'article 5.1 du Reglement 52-109 sur l'attestation de l'information presentee dans les documents annuels et intermediaires des emetteurs (le "Reglement 52-109");
Vu que les emetteurs sont sous la protection de la Loi sur les arrangements avec les creanciers des compagnies (la "LACC") depuis le 14 janvier 2009 et que, dans son ordonnance initiale, la Cour superieure de justice de l'Ontario (la "Cour") a nomme Ernst & Young Inc. a titre de controleur pour assister les emetteurs dans leur processus de restructuration en vertu de la LACC;
Vu que les emetteurs avaient publie un communique le 9 aout 2012 annoncant que le controleur avait determine que les depenses et les ressources necessaires pour se conformer aux exigences de divulgation publique pourraient ne plus etre justifiees et que, par consequent, les emetteurs ne pourront plus etre en mesure de se conformer aux exigences d'information periodique et pourront cesser de preparer et de deposer des etats financiers trimestriels et annuels ainsi que d'autres documents d'information periodique en vertu de la legislation canadienne applicable, et ce, a compter de la date d'echeance pour le depot de leurs etats financiers du troisieme trimestre;
Vu que la Cour a ordonne le 23 novembre 2012 de lever la suspension de procedures a l'egard des emetteurs en vigueur depuis l'ordonnance initiale pour permettre aux autorites en valeurs mobilieres concernees de prononcer une interdiction d'operations sur valeurs a l'egard des emetteurs;
Vu les articles 265, 267 et 318 de la Loi sur les valeurs mobilieres, L.R.Q., c. V-1.1 (la "Loi");
Vu les pouvoirs delegues conformement a l'article 24 de la Loi sur l'Autorite des marches financiers, L.R.Q., c. A-33.2;
En consequence, l'Autorite des marches financiers :
interdit a Corporation Nortel Networks et Corporation Nortel Networks Limitee, a leurs porteurs de titres, a tous les courtiers et a leurs representants, ainsi qu'a toute autre personne, toute activite reliee a des operations sur les valeurs des emetteurs parce que ceux-ci ne se sont pas conformes aux obligations de depot de leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 prevues au Reglement 51-102 et au Reglement 52-109.
La presente decision ne s'applique pas aux operations suivantes :
a. une operation visee realisee par une personne pour une valeur symbolique sur les titres des emetteurs afin de permettre aux porteurs de titres des emetteurs de materialiser des pertes fiscales, pourvu que, avant l'operation visee, la personne : i. recoive une copie de la presente decision; ii. remette au vendeur une reconnaissance ecrite que les titres des emetteurs demeurent soumis a l'interdiction et aux conditions prevues dans la presente decision apres l'operation visee;
DOSSIERS No: 17622 et 2226
b. une operation visee realisee par une personne qui est un "investisseur qualifie" au sens du Reglement 45-106 sur les dispenses de prospectus et d'inscription sur : i) les deux billets de Corporation Nortel Networks de 575 000 000 $ US de premier rang convertibles a 1,75 % et 2,125 % echeant respectivement en 2012 et en 2014 (les "billets de CNN"); et ii) les billets de Corporation Nortel Networks Limitee de 1 000 000 000 $ US de premier rang a taux variable echeant en 2011, de 550 000 000 $ US de premier rang a 10,125 % echeant en 2013, de 1 125 000 000 $ US de premier rang a 10,750 % echeant en 2016, et de 200 000 000 $ US a 6,875 % echeant en 2023 (les "billets de CNNL"), pourvu que, avant l'operation visee : A. la personne recoive une copie de la presente decision et remette au vendeur une reconnaissance ecrite que les billets de CNN ou les billets de CNNL (le cas echeant) demeurent soumis a l'interdiction et aux conditions prevues dans la presente decision apres l'operation visee; B. les emetteurs publient un communique divulguant les conditions de la presente decision et que le controleur depose une copie de la presente decision sur son site Web, de sorte que chaque personne est reputee avoir ete informee des conditions de la presente decision et le vendeur est repute avoir ete informe que les billets de CNN ou les billets de CNNL (le cas echeant) demeurent soumis a l'interdiction et aux conditions prevues dans la presente decision apres l'operation visee.
L'interdiction est prononcee le 12 decembre 2012.
Directrice principale des fonds d'investissement et de l'information continue
La presente decision est valable pour une periode de 15 jours. Toute personne dont les droits sont affectes par cette decision peut, dans les 6 jours de sa reception, presenter des observations a l'Autorite des marches financiers en les transmettant au Secretariat.
Preavis en vertu de l'article 318 de la Loi sur les valeurs mobilieres
Soyez avise qu'a la date d'echeance de la presente interdiction, le 27 decembre 2012, l'Autorite des marches financiers a l'intention de prononcer une nouvelle interdiction d'operations sur valeurs en vertu de l'article 265 de la Loi visant les titres de Corporation Nortel Networks et Corporation Nortel Networks Limitee parce qu'ils n'ont pas depose leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 exiges par les articles 4.3, 4.4 et 5.1 du Reglement 51-102 et par l'article 5.1 du Reglement 52-109.
Soyez informe que vous avez la possibilite de presenter vos observations ou de produire des documents aupres de l'Autorite des marches financiers avant que celle-ci ne prononce la nouvelle interdiction d'operations sur valeurs. Pour ce faire, vous devez communiquer avec le Secretariat de l'Autorite des marches financiers.
Corporation Nortel Networks et Corporation Nortel Networks Limitee Ernst & Young Inc., a titre de controleur 222 Bay Street P.O. Box 251 Toronto, Ontario M5K 1J7
c.c. : Societe de fiducie Computershare du Canada
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Mar. 28, 2017 06:00 AM EDT Reads: 8,881
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Mar. 28, 2017 06:00 AM EDT Reads: 4,276
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Mar. 28, 2017 06:00 AM EDT Reads: 2,943
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Mar. 28, 2017 05:00 AM EDT Reads: 9,880
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, provided the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” used open source attack tools that are free and available for download by anybody. Attendees learned where to find and how to operate these tools for the purpose of testing their own IT infrastructure. The...
Mar. 28, 2017 04:45 AM EDT Reads: 7,464
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 28, 2017 02:30 AM EDT Reads: 2,020
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 28, 2017 02:15 AM EDT Reads: 3,091
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Mar. 28, 2017 02:15 AM EDT Reads: 9,904
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 28, 2017 02:15 AM EDT Reads: 3,106
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Mar. 28, 2017 02:00 AM EDT Reads: 3,891
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 28, 2017 01:00 AM EDT Reads: 2,343
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 28, 2017 12:45 AM EDT Reads: 983
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 28, 2017 12:00 AM EDT Reads: 1,247
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 28, 2017 12:00 AM EDT Reads: 8,380
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
Mar. 27, 2017 11:30 PM EDT Reads: 3,063