TORONTO -- Nortel* Networks Corporation (OTCBB:NRTLQ) and Nortel Networks Limited announced today that the mediation proceedings that had been commenced in respect of the allocation of sale proceeds of Nortel's various business and asset divestitures and other inter-estate matters, including inter-company claims, have been terminated by the court-appointed mediator. As previously announced, the courts overseeing Nortel's creditor protection proceedings in Canada and the United States directed the Nortel entities that are in creditor protection proceedings in Canada, the U.S., and Europe, the Middle East and Africa, as well as certain other interested parties, to participate in a joint mediation of the afore-mentioned matters and appointed the Hon. Warren K. Winkler, Chief Justice of Ontario, as the sole mediator for the mediation. Following the holding of an all-party mediation session, which began on January 14, 2013 and ended on January 22, 2013 without any agreement having been reached on the matters in dispute, the mediator announced on January 24, 2013 his decision to terminate the mediation based on his conclusion that further efforts at mediation are no longer worthwhile.
In light of the unsuccessful conclusion of this mediation process, which follows two previous failed attempts at achieving a mediated solution, both the process for and timing of the ultimate resolution of allocation and inter-company claims matters remains uncertain and further delays in the resolution of these matters potentially could be significant. Such delays would result in a corresponding significant delay in the timing of distributions to holders of validated claims of the various estates.
Currently we allow the following HTML tags in comments:
Single tags
These tags can be used alone and don't need an ending tag.
<br> Defines a single line break
<hr> Defines a horizontal line
Matching tags
These require an ending tag - e.g. <i>italic text</i>
<a> Defines an anchor
<b> Defines bold text
<big> Defines big text
<blockquote> Defines a long quotation
<caption> Defines a table caption
<cite> Defines a citation
<code> Defines computer code text
<em> Defines emphasized text
<fieldset> Defines a border around elements in a form
<h1> This is heading 1
<h2> This is heading 2
<h3> This is heading 3
<h4> This is heading 4
<h5> This is heading 5
<h6> This is heading 6
<i> Defines italic text
<p> Defines a paragraph
<pre> Defines preformatted text
<q> Defines a short quotation
<samp> Defines sample computer code text
<small> Defines small text
<span> Defines a section in a document
<s> Defines strikethrough text
<strike> Defines strikethrough text
<strong> Defines strong text
<sub> Defines subscripted text
<sup> Defines superscripted text
<u> Defines underlined text
Network Computing encourages readers to engage
in spirited, healthy debate, including taking us to task.
However, Network Computing moderates all comments posted to our site,
and reserves the right to modify or remove any content that it determines to be derogatory,
offensive, inflammatory, vulgar, irrelevant/off-topic, racist or obvious marketing/SPAM.
Network Computing further reserves the right to disable the profile of any commenter participating
in said activities.
