Tuesday, January 13, 2009

Canada's Minister of Industry Comments on Nortel's Filing

Tony Clement, Canada's Minister of Industry, made the following statement in regards to Nortel Networks' filing:

"The Government of Canada appreciates the importance of the telecommunications industry to our economy and will continue to work with Nortel during its restructuring through Export Development Canada (EDC). EDC has agreed to provide up to $30 million in short-term financing through its existing bonding facility and is open to discussing with Nortel post-filing financing in conjunction with other financial institutions. It is important to note that Nortel is filing for court-supervised restructuring under the CCAA, not bankruptcy. Nortel has stated that it has every intention of emerging from this restructuring under the CCAA as a viable business. We will monitor its progress closely."http://www.nortel.com

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