|By PR Newswire||
|July 31, 2014 06:14 PM EDT||
TORONTO, July 31st, 2014 /PRNewswire/ - Nortel Networks Inc. (NNI), the U.S. unit of defunct Canadian telecom company Nortel Networks Corp., has agreed that certain bondholders will receive up to approximately $1 billion in interest, over and above the approximately $3.9 billion of principal and interest on their bonds as of the date that Nortel commenced insolvency proceedings in Canada, the U.S., the U.K. and Europe, if NNI is solvent.
This agreement must be approved by the US courts before it is finalized.
The NRPC strongly objects to this proposed settlement as payment of interest to one group of creditors at the expense of all others in an international bankruptcy of this magnitude is clearly unacceptable.
If approved by the U.S. Bankruptcy Court, the agreement may dramatically impact the claims and eventual recovery for Nortel retirees in Canada, depending on the how the U.S. and Canadian Courts allocate funds from the lockbox proceeds realized from the sale of Nortel's business units and patents.
Don Sproule, President of the NRPC spoke out:
"This is a cooked up deal among friendly parties that support the vulture funds, with no support from other creditors, and with total disregard for Nortel's former Canadian employees who were the primary creators of the bulk of Nortel's patents which powered the once global company. Nortel's former Canadian employees deserve far better treatment.
The agreement dramatically increases the difficulty and expense of reaching a reasonable settlement between parties on allocation of the lockbox funds, does nothing to encourage any resolution, and fools nobody as to its intent.
We hope that both the U.S. and Canadian Courts see through this sham arrangement."
Nortel's former Canadian employees remain resolute in their determination to do all in their power and wait as long as it takes to receive an equitable share of Nortel's dwindling assets.
SOURCE Nortel Retirees and Former Employees Protection Canada
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 25, 2016 09:15 AM EDT Reads: 550
Aug. 25, 2016 09:00 AM EDT Reads: 538
Aug. 25, 2016 09:00 AM EDT Reads: 3,861
Aug. 25, 2016 09:00 AM EDT Reads: 450
Aug. 25, 2016 08:45 AM EDT Reads: 2,104
Aug. 25, 2016 08:30 AM EDT Reads: 401
Aug. 25, 2016 08:30 AM EDT Reads: 518
Aug. 25, 2016 08:30 AM EDT Reads: 1,690
Aug. 25, 2016 08:15 AM EDT Reads: 1,480
Aug. 25, 2016 08:00 AM EDT Reads: 499
Aug. 25, 2016 07:15 AM EDT Reads: 1,871
Aug. 25, 2016 06:30 AM EDT Reads: 1,828
Aug. 25, 2016 06:00 AM EDT Reads: 1,421
Aug. 25, 2016 03:30 AM EDT Reads: 2,130
Aug. 25, 2016 02:30 AM EDT Reads: 2,154