Click here to close now.

Welcome!

.NET Authors: Carmen Gonzalez, Elizabeth White, Liz McMillan, Greg O'Connor, Jason Bloomberg

News Feed Item

Nortel Announces Temporary Cease Trade Order

TORONTO, ONTARIO -- (Marketwire) -- 12/14/12 -- Nortel(1) Networks Corporation (NNC) (OTCBB:NRTLQ) and Nortel Networks Limited (NNL) announced today that, consistent with their announcement of August 9, 2012, NNC and NNL did not file their respective unaudited financial statements and related disclosure filings for the third quarter of 2012 by the required filing deadlines under applicable securities laws as a result the determination of the court-appointed monitor in their Canadian creditor protection proceedings that future periodic reporting by both companies could no longer be justified and would be discontinued, effective as of the filing deadlines for their 2012 third quarter financial results.

As a result of the Canadian filing defaults, a temporary cease trade order ("CTO") was issued on December 12, 2012 by Authorite Des Marches Financiers (the "AMF"). The CTO is substantially similar to the cease trade order issued by the Ontario Securities Commission on December 11, 2012. The CTO prohibits all trading in securities of both NNC and NNL, effective immediately, other than for: (i) trades made for nominal consideration for the purpose of permitting a security holder to crystallize a tax loss (a "tax loss trade"); or (ii) trades in notes of either NNC or NNL to an entity that qualifies as an "accredited investor" as that term is defined under applicable Canadian securities laws (an "accredited investor trade"). The aforementioned exceptions are subject to the further qualifications that: (1) in the case of a tax loss trade, a copy of the CTO is provided to the purchaser and the seller receives a written acknowledgement from the purchaser that the securities acquired remain subject to the CTO; and (2) in the case of an accredited investor trade in notes of NNC or NNL, the purchaser will be deemed (by reason of the issuance of this news release and the posting of the CTO on the Restructuring Document Centre of Ernst & Young Inc., as monitor, at http://documentcentre.eycan.com/Pages/Main.aspx?SID=89&Redirect=1) to have received notification of the terms of the CTO and deemed to have acknowledged to the seller that the notes acquired remain subject to the CTO. The full text of the CTO accompanies this news release marked as Annex A.

The temporary CTO is scheduled to expire 15 days from the date of its issue unless extended by the AMF. NNC and NNL understand that the AMF will convene a hearing before the expiration date of the CTO for the purpose of making the CTO permanent.

NNC and NNL expect that other Canadian provincial or territorial securities regulators will issue cease trade orders similar to the CTO.

About Nortel

For more information, visit Nortel on the Web at www.nortel-canada.com.

Certain statements in this press release may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets", "plans", "envisions", "seeks" and other similar language and are considered forward-looking statements or information under applicable securities laws. These statements are based on Nortel's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which Nortel operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. Nortel's assumptions, although considered reasonable by Nortel at the date of this press release, may prove to be inaccurate and consequently Nortel's actual results could differ materially from the expectations set out herein.

Actual results or events could differ materially from those contemplated in forward-looking statements as a result of the following: (i) risks and uncertainties relating to the Creditor Protection Proceedings including: (a) risks associated with Nortel's ability to: obtain required approvals and successfully consummate remaining divestitures; successfully conclude ongoing discussions for the sale of Nortel's remaining assets; develop, obtain required approvals for, and implement a court approved plan; allocation of the sale proceeds of our businesses and assets among the various Nortel entities participating in these sales may take considerable time to resolve; resolve ongoing issues with creditors and other third parties whose interests may differ from Nortel's; maintain adequate cash on hand in each of its jurisdictions to fund remaining work within the jurisdiction during the Creditor Protection Proceedings; obtain any further required approvals from the Canadian Monitor, the U.K. Administrators, the U.S. Principal Officer, the U.S. Creditors' Committee, or other third parties; utilize net operating loss carryforwards and certain other tax attributes in the future;

avoid the substantive consolidation of NNI's assets and liabilities with those of one or more other U.S. Debtors; operate effectively, and in consultation with the Canadian Monitor, the Canadian creditors' committee, the U.S. Creditors' Committee, the U.S. Principal Officer, and work effectively with the U.K. Administrators and French Administrator in their respective administration of the EMEA businesses subject to the Creditor Protection Proceedings; continue as a going concern; actively and adequately communicate on and respond to events, media and rumors associated with the Creditor Protection Proceedings; retain and incentivize key employees as may be needed; retain, or if necessary, obtain court orders or approvals with respect to motions filed from time to time; resolve claims made against Nortel in connection with the Creditor Protection Proceedings for amounts not exceeding Nortel's recorded liabilities subject to compromise; prevent third parties from obtaining court orders or approvals that are contrary to Nortel's interests; and (b) risks and uncertainties associated with: limitations on actions against any Debtor during the Creditor Protection Proceedings; the values, if any, that will be prescribed pursuant to any court approved plan to outstanding Nortel securities and, in particular, that Nortel does not expect that any value will be prescribed to the NNC common shares or the NNL preferred shares in any such plan; the delisting of NNC common shares from the NYSE; the delisting of NNC common shares and NNL preferred shares from the TSX and; any cease trade orders that are expected to be issued by Canadian Securities Administers to prohibit trading in securities of NNC and NNL following the third quarter filing deadlines applicable to NNC and NNL's quarterly reporting obligations under Canadian securities laws; and (ii) risks and uncertainties relating to Nortel's remaining restructuring work including fluctuations in foreign currency exchange rates; the sufficiency of workforce and cost reduction initiatives; any adverse legal judgments, fines, penalties or settlements related to any significant pending or future litigation actions; failure to maintain integrity of Nortel's information systems; and Nortel's potential inability to maintain an effective risk management strategy.

For additional information with respect to certain of these and other factors, see Nortel's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC. Unless otherwise required by applicable securities laws, Nortel disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(1)Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks.

Annex A

DECISION No : 2012-FIIC-0256

DOSSIERS No : 17622 et 2226

Objet : Corporation Nortel Networks et Corporation Nortel Networks Limitee (les "emetteurs") Interdiction d'operations sur valeurs et preavis en vertu de l'article 318 de la Loi sur les valeurs mobilieres, L.R.Q., c. V-1.1

Les emetteurs n'ont pas depose aupres de l'Autorite des marches financiers leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 exiges par les articles 4.3, 4.4 et

5.1 du Reglement 51-102 sur les obligations d'information continue (le "Reglement 51-102") et par l'article 5.1 du Reglement 52-109 sur l'attestation de l'information presentee dans les documents annuels et intermediaires des emetteurs (le "Reglement 52-109");

Vu que les emetteurs sont sous la protection de la Loi sur les arrangements avec les creanciers des compagnies (la "LACC") depuis le 14 janvier 2009 et que, dans son ordonnance initiale, la Cour superieure de justice de l'Ontario (la "Cour") a nomme Ernst & Young Inc. a titre de controleur pour assister les emetteurs dans leur processus de restructuration en vertu de la LACC;

Vu que les emetteurs avaient publie un communique le 9 aout 2012 annoncant que le controleur avait determine que les depenses et les ressources necessaires pour se conformer aux exigences de divulgation publique pourraient ne plus etre justifiees et que, par consequent, les emetteurs ne pourront plus etre en mesure de se conformer aux exigences d'information periodique et pourront cesser de preparer et de deposer des etats financiers trimestriels et annuels ainsi que d'autres documents d'information periodique en vertu de la legislation canadienne applicable, et ce, a compter de la date d'echeance pour le depot de leurs etats financiers du troisieme trimestre;

Vu que la Cour a ordonne le 23 novembre 2012 de lever la suspension de procedures a l'egard des emetteurs en vigueur depuis l'ordonnance initiale pour permettre aux autorites en valeurs mobilieres concernees de prononcer une interdiction d'operations sur valeurs a l'egard des emetteurs;

Vu les articles 265, 267 et 318 de la Loi sur les valeurs mobilieres, L.R.Q., c. V-1.1 (la "Loi");

Vu les pouvoirs delegues conformement a l'article 24 de la Loi sur l'Autorite des marches financiers, L.R.Q., c. A-33.2;

En consequence, l'Autorite des marches financiers :

interdit a Corporation Nortel Networks et Corporation Nortel Networks Limitee, a leurs porteurs de titres, a tous les courtiers et a leurs representants, ainsi qu'a toute autre personne, toute activite reliee a des operations sur les valeurs des emetteurs parce que ceux-ci ne se sont pas conformes aux obligations de depot de leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 prevues au Reglement 51-102 et au Reglement 52-109.

La presente decision ne s'applique pas aux operations suivantes :


a.  une operation visee realisee par une personne pour une valeur symbolique
    sur les titres des emetteurs afin de permettre aux porteurs de titres
    des emetteurs de materialiser des pertes fiscales, pourvu que, avant
    l'operation visee, la personne : 

i.  recoive une copie de la presente decision; 

ii. remette au vendeur une reconnaissance ecrite que les titres des
    emetteurs demeurent soumis a l'interdiction et aux conditions prevues
    dans la presente decision apres l'operation visee;

DOSSIERS No: 17622 et 2226


b.  une operation visee realisee par une personne qui est un "investisseur
    qualifie" au sens du Reglement 45-106 sur les dispenses de prospectus et
    d'inscription sur : i) les deux billets de Corporation Nortel Networks
    de 575 000 000 $ US de premier rang convertibles a 1,75 % et 2,125 %
    echeant respectivement en 2012 et en 2014 (les "billets de CNN"); et ii)
    les billets de Corporation Nortel Networks Limitee de 1 000 000 000 $ US
    de premier rang a taux variable echeant en 2011, de 550 000 000 $ US de
    premier rang a 10,125 % echeant en 2013, de 1 125 000 000 $ US de
    premier rang a 10,750 % echeant en 2016, et de 200 000 000 $ US a 6,875
    % echeant en 2023 (les "billets de CNNL"), pourvu que, avant l'operation
    visee : 
    A.  la personne recoive une copie de la presente decision et remette au
        vendeur une reconnaissance ecrite que les billets de CNN ou les
        billets de CNNL (le cas echeant) demeurent soumis a l'interdiction
        et aux conditions prevues dans la presente decision apres
        l'operation visee; 
    B.  les emetteurs publient un communique divulguant les conditions de la
        presente decision et que le controleur depose une copie de la
        presente decision sur son site Web, de sorte que chaque personne est
        reputee avoir ete informee des conditions de la presente decision et
        le vendeur est repute avoir ete informe que les billets de CNN ou
        les billets de CNNL (le cas echeant) demeurent soumis a
        l'interdiction et aux conditions prevues dans la presente decision
        apres l'operation visee. 

L'interdiction est prononcee le 12 decembre 2012.

Josee Deslauriers

Directrice principale des fonds d'investissement et de l'information continue

La presente decision est valable pour une periode de 15 jours. Toute personne dont les droits sont affectes par cette decision peut, dans les 6 jours de sa reception, presenter des observations a l'Autorite des marches financiers en les transmettant au Secretariat.

Preavis en vertu de l'article 318 de la Loi sur les valeurs mobilieres

Soyez avise qu'a la date d'echeance de la presente interdiction, le 27 decembre 2012, l'Autorite des marches financiers a l'intention de prononcer une nouvelle interdiction d'operations sur valeurs en vertu de l'article 265 de la Loi visant les titres de Corporation Nortel Networks et Corporation Nortel Networks Limitee parce qu'ils n'ont pas depose leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 exiges par les articles 4.3, 4.4 et 5.1 du Reglement 51-102 et par l'article 5.1 du Reglement 52-109.

Soyez informe que vous avez la possibilite de presenter vos observations ou de produire des documents aupres de l'Autorite des marches financiers avant que celle-ci ne prononce la nouvelle interdiction d'operations sur valeurs. Pour ce faire, vous devez communiquer avec le Secretariat de l'Autorite des marches financiers.


Corporation Nortel Networks et Corporation Nortel Networks Limitee          
Ernst & Young Inc., a titre de controleur                                   
222 Bay Street                                                              
P.O. Box 251                                                                
Toronto, Ontario M5K 1J7                                                    

c.c. : Societe de fiducie Computershare du Canada

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
WebRTC Summit has announced today that Peter Dunkley has been named summit chair of WebRTC Summit 2015 New York. The 4th International WebRTC Summit will take place on June 9-11, 2015, at the Javits Center in Manhattan, New York. @ThingsExpo anticipates 90% of WebRTC companies & developers will monetize their products & services through IoT by 2016. Peter Dunkley is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in Computer Science. After graduation Peter worked on a PSTN switch developing signalling stacks for SS7, ISDN and simi...
In this session we look at creating interactive communications via the web by adding messaging, file transfer, and group communication (group chat and audio/video conferencing) into the web experience. We will also discuss potential applications of this technology in areas including B2B, B2C, P2P, and gaming. Peter is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in Computer Science. After graduation Peter worked on a PSTN switch developing signalling stacks for SS7, ISDN and similar protocols and creating advanced routing and serv...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from ...
Participants will reach the final if their IoT solution is liked. A community vote will determine the best solutions submitted in each country, after which an expert jury will select the national winners and the best international IoT solution. Each country's best solution can win a national marketing campaign worth up to €30,000 and become a partner in Deutsche Telekom's participating markets. The winning international solution can become partner of Deutsche Telekom Group across all eight countries and reach out to a potential of 10,8 million business customers. Deutsche Telekom Group has a...
Recent technology advances in miniaturization has positioned the wearables as the pinnacle of technology convergence with the human body. We inquire if wearables are mere standard miniaturized devices extended with the connectivity and present our views on considerations like design, applications, performance, efficiency, interoperability, usage scenarios, human device interaction and consequent trade-offs enabling wearables to impart optimal value.
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool f...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
SYS-CON Events announced today that On the Avenue Marketing Group, a sales and marketing firm that utilizes events to market and sell products to consumers, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. On the Avenue Marketing Group (OTA) is a sales and marketing firm that utilizes events to market and sell products to consumers. On behalf of our clients, we attend thousands of fairs, festivals, expos, concerts, conferences, and sporting events annually, helping them reach millions of individuals ...
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that prevent them from doing so. The Company is uniquely positioned to help address these challenges thro...
BroadSoft on Tuesday announced that it is a recipient of the 2014 Frost & Sullivan Market Leadership Award in the Hosted/Cloud Internet Protocol (IP) Telephony market for Latin America. According to Frost & Sullivan market research, the Latin America (LATAM) hosted/cloud Internet Protocol (IP) telephony market, including integrated unified communications and collaboration (UC&C) applications, is currently experiencing a rapid growth trajectory and is expected to exhibit a tenfold rise in annual revenues in the 2013-2020 period. With more than 600 cloud deployments internationally, BroadSoft w...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® and DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
SYS-CON Events announced today that StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...