|By Marketwired .||
|January 1, 2013 03:24 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 01/01/13 -- Nortel(i) Networks Corporation (NNC) (OTCBB:NRTLQ) and Nortel Networks Limited (NNL) announced today that, further to their announcement of December 13, 2012, a permanent cease trade order (the "CTO") has been issued on December 27, 2012 by l'Autorite des marches financiers (the AMF). Other than being issued on a permanent basis, the CTO is substantially similar to the temporary cease trade order issued by the AMF on December 12, 2012.
The CTO prohibits all trading in securities of both NNC and NNL, effective immediately on December 27, 2012, 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.
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 forwardwww.nortel-canada.com News Release 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.
(i)Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks.
DECISION No : 2012-FIIC-0275
DOSSIERS No : 17622 et 2226
Objet: Corporation Nortel Networks et Corporation Nortel Networks Limitee (les "emetteurs") Interdiction d'operations sur valeurs
Vu la decision 2012-FIIC-0256, prononcee le 12 decembre 2012, interdisant aux emetteurs, 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;
Vu que 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;
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 27 decembre 2012.
Josee Deslauriers Directrice principale des fonds d'investissement et de l'information continue
Vous pouvez demander, dans un delai de 30 jours, la revision de la presente decision aupres du Bureau de decision et de revision institue en vertu de l'article 92 de la Loi sur l'Autorite des marches financiers, L.R.Q., c. A-33.2 conformement a l'article 322 de la Loi.
L'Autorite des marches financiers peut egalement revoquer la presente decision en vertu de l'article 318 de la Loi.
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
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Apr. 29, 2016 09:15 PM EDT Reads: 312
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
Apr. 29, 2016 09:00 PM EDT Reads: 1,539
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Apr. 29, 2016 08:30 PM EDT Reads: 1,748
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
Apr. 29, 2016 07:30 PM EDT Reads: 2,401
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Apr. 29, 2016 05:15 PM EDT Reads: 1,695
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
Apr. 29, 2016 04:30 PM EDT Reads: 1,776
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Apr. 29, 2016 04:30 PM EDT Reads: 640
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Apr. 29, 2016 03:45 PM EDT Reads: 1,622
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
Apr. 29, 2016 03:30 PM EDT Reads: 1,669
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
Apr. 29, 2016 03:15 PM EDT Reads: 1,549
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Apr. 29, 2016 03:00 PM EDT Reads: 863
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Apr. 29, 2016 02:45 PM EDT Reads: 871
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Apr. 29, 2016 02:30 PM EDT Reads: 1,407
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
Apr. 29, 2016 02:30 PM EDT Reads: 1,416