TORONTO, ONTARIO–(Marketwire – June 30, 2011) - Nortel* 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 December 14, 2011, 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 divestiture and other restructuring efforts and to continue to work toward the development of a plan of arrangement under CCAA.
The materials filed in the CCAA proceedings are available on the Restructuring Document Centre of Ernst & Young Inc. (the “Monitor”) at http://documentcentre.eycan.com/Pages/Main.aspx?SID=89&Redirect=1 or by contacting the Monitor directly at 1-866-942-7177.
For more information, visit Nortel on the Web at www.nortel.com. For the latest Nortel news, visit www.nortel.com/news.
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