Sunday, January 18, 2009

Nortel Receives Approvals from U.S. Bankruptcy Court

The United States Bankruptcy Court for the District of Delaware granted approval to Nortel Networks for a number of motions requesting certain relief. Those first day motions included, among other things, (1) a motion for authorization to continue making payments relating to employees' wages, salaries, commissions and benefit programs in the ordinary course; (2) a motion for authorization to continue the U.S. Debtors' current cash management system and related relief; and (3) a motion to impose certain restrictions on trading in common shares of NNC and preferred shares of NNL.

http://www.nortel.com/restructuring

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