Nortel Gets Stay, CFO Steps Down

Nortel obtains further extension of stay period under CCAA

December 15, 2011

1 Min Read

TORONTO -- Nortel* 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.

The materials filed in the CCAA proceedings are available on the Restructuring Document Centre of Ernst & Young Inc. (the Monitor) at or by contacting the Monitor directly at 1-866-942-7177.

In light of the milestones met to date and the focus of the remaining work, John Doolittle, Senior Vice-President Corporate Services & Chief Financial Officer, and the Board of Directors, have jointly determined that it is an appropriate point for Mr Doolittle to step down from his position and to depart from the Company on December 16, 2011. Effective December 17, 2011, Allan Bifield will assume the role of Senior Vice-President Corporate Services & Chief Financial Officer of the Company and NNL. Mr Bifield has been the Chief Financial Officer and Senior Vice-President for the Nortel Business Services organization since 2010, and previously held various positions in the Finance organization of the Company for over 25 years.

Nortel Networks Ltd.

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