Nortel Networks Corp. (NRTLQ.PK) or NNC announced that Ernst & Young Inc., the court-appointed monitor in Nortel''s creditor protection proceedings under the Companies'' Creditors Arrangement Act or CCAA, obtained an order from the Ontario Superior Court of Justice further extending the Monitor''s powers by authorizing and empowering 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).
This follows Nortel's announcement on August 9, 2012 that the Monitor had determined the expense and resources required to comply with NNC and NNL's quarterly and annual public reporting requirements could no longer be justified from the standpoint of the best interest of their creditors.
Consequently, NNC and NNL will discontinue preparing and filing quarterly and annual financial statements and all other periodic disclosure documents under applicable Canadian and U.S. securities laws effective as of the filing deadlines for their third quarter reporting obligations, being November 14, 2012 in the United States and November 29, 2012 in Canada.
The Boards of Directors and executive officers including the Chief Financial Officer of NNC, NNL and the other Applicants have resigned effective today, upon the issuance of the Order. Two of these former executive officers will continue as employees of NNL and pursuant to the Order are designated authorized representatives of each of the Applicants to act on behalf of the Applicants for the continued day-to-day operation of the Applicants, solely as the Monitor may direct, the company said.
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