| Home : July 27 2012 Computer News : Nortel Obtains Further Extension of Stay Period Under CCAA |
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Nortel Obtains Further Extension of Stay Period Under CCAA |
July 27, 2012
TORONTO, ONTARIO--(Marketwire - July 27, 2012) - Nortel1 Networks Corporation (OTCBB:NRTLQ) announced today that it, its principal operating subsidiary Nortel Networks Limited and its other Canadian subsidiaries that filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) have obtained an order from the Ontario Superior Court of Justice (Canadian Court) further extending, to October 31, 2012, the stay of proceedings that was previously granted by the Canadian Court. The purpose of the stay of proceedings is to provide stability to the Nortel companies to continue with their restructuring efforts and to continue to work toward the development of a plan of arrangement under CCAA.
Link: http://www.marketwire.com/mw/release.do?id=1684707&sourceType=3
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