Nortel Obtains Further Extension of Stay Period Under CCAA / Announces Management Changes
TORONTO, ONTARIO -- (Marketwire) -- 12/14/11 -- Nortel(1) Networks Corporation (OTCBB: NRTLQ) announced today that it, its principal operating subsidiary Nortel Networks Limited (NNL) 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 April 13, 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 the wind down of operations and other significant work toward the development of a plan of arrangement under CCAA and conclusion of the creditor protection proceedings.
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