*UPDATED* NOTICE REGARDING COURT HEARING IN RESPECT OF PROSPECTIVE SETTLEMENT OF PPA / ALLOCATION DISPUTE AND FSD PROCEEDINGS
4 November 2016 (Updated 8 November 2016)
Nortel Networks UK Limited
Nortel Networks France S.A.S.
Nortel Networks N.V.
Nortel Networks S.p.A.
Nortel Networks B.V.
Nortel Networks Polska Sp. z o.o.
Nortel Networks Hispania, S.A.
Nortel Networks (Austria) GmbH
Nortel Networks s.r.o.
Nortel Networks Engineering Service Kft.
Nortel Networks Portugal, S.A.
Nortel Networks Slovensko s.r.o.
Nortel Networks Oy
Nortel Networks Romania SRL
Nortel Networks AB
Nortel Networks International Finance & Holding B.V.
Nortel Networks (Ireland) Limited
Nortel Networks S.A.
Together “the Companies”.
As detailed in our announcements on 13 and 25 October 2016, the prospective settlement entered into in respect of the PPA / Allocation Dispute and the FSD Proceedings (“the Settlement”), requires approval of the courts in the United Kingdom, France, Canada and the USA.
The Joint Administrators confirm that a hearing took place on Monday 31 October 2016 before the English High Court (“the Court”). On 3 November 2016, the Court granted orders that enable the Joint Administrators to perform and procure the Companies to perform the Settlement agreements. A copy of the Court judgment can be found by clicking on the link below:
The Joint Administrators have been advised that the Settlement was also approved by the Court of Versailles in France on 27 October 2016.
Whilst there are further formal steps that are required to take place in the US and Canada before the Settlement can be implemented, the Joint Administrators anticipate that the process to commence paying a distribution to creditors will begin in the first half of 2017.
Correspondence will be sent to creditors in the coming weeks with further details of the Settlement and the process going forward.
For the Companies listed below, The Institute of Chartered Accountants in England and Wales in the UK authorises A R Bloom, S J Harris, C J W Hill and S J Taylor to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986 and the Association of Chartered Certified Accountants in the UK authorises A M Hudson and D M Hughes to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986.
The affairs, business and property of the Companies are being managed by the Joint Administrators, A R Bloom, S J Harris, A M Hudson and C J W Hill who act as agents of the Companies only and without personal liability.
The Companies are Nortel Networks UK Limited; Nortel GmbH; Nortel Networks France S.A.S.; Nortel Networks N.V.; Nortel Networks S.p.A.; Nortel Networks B.V.; Nortel Networks Polska Sp. z o.o.; Nortel Networks Hispania, S.A.; Nortel Networks (Austria) GmbH; Nortel Networks s.r.o.; Nortel Networks Engineering Service Kft.; Nortel Networks Portugal, S.A.; Nortel Networks Slovensko s.r.o.; Nortel Networks Oy; Nortel Networks Romania SRL; Nortel Networks AB; Nortel Networks International Finance & Holding B.V..
The affairs, business and property of Nortel Networks (Ireland) Limited are being managed by the Joint Administrators, A R Bloom and D M Hughes, who act as agents of Nortel Networks (Ireland) Limited only and without personal liability.
The affairs, business and property of Nortel Networks S.A. are being managed by the Joint Administrators, A R Bloom, S J Harris, A M Hudson, C J W Hill and S J Taylor who act as agents of Nortel Networks S.A. only and without personal liability.
Nortel Networks S.A. was placed into French liquidation judiciaire on 28 May 2009. The business and assets of the company that are situated in France are now under the control of la liquidateur judiciaire.
We advise that this report is provided pursuant to our appointments as Joint Administrators of the Company. It is provided solely for the purpose of informing creditors of certain aspects of the current status of the Administration. As this report is only an interim indication of the overall position of the Company, and not a valuation of the current or future value of any particular item of debt, and is liable to change, it should not be relied upon as an indication of the final return to creditors and, in particular, neither we nor the Company shall have any responsibility to any person who relies on our report for the purpose of trading in debt of the Company.
The Joint Administrators may collect, use, transfer, store or otherwise process (collectively, “Process”) information that can be linked to specific individuals (“Personal Data”). They may Process Personal Data in various jurisdictions in accordance with applicable law and professional regulations including (without limitation) the Data Protection Act 1998.