| Home : October 03 2012 Computer News : Nortel Announces Expanded Powers of Monitor under CCAA: Boards of Directors and Executive Officers Resign |
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Nortel Announces Expanded Powers of Monitor under CCAA: Boards of Directors and Executive Officers Resign |
October 03, 2012
TORONTO, ONTARIO--(Marketwire - Oct. 3, 2012) - Nortel(1) Networks Corporation (NNC) (OTCBB:NRTLQ) announced today that Ernst & Young Inc., the court-appointed monitor (Monitor) in Nortel's creditor protection proceedings under the Companies' Creditors Arrangement Act (CCAA), obtained an order from the Ontario Superior Court of Justice (Order) further extending the Monitor's powers by authorizing and empowering (but not obligating) the Monitor to exercise any powers which may be properly exercised by a board of directors of NNC, its principal operating subsidiary Nortel Networks Limited and its other Canadian subsidiaries that filed for creditor protection under the CCAA (Applicants).
Link: http://www.marketwire.com/mw/release.do?id=1708981&sourceType=3
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