TORONTO, Sept. 19, 2014 /CNW/ - All Canadian Nortel Retirees and their Retiree Association, the NRPC, welcome the final stage of the Asset Allocation Trial, this coming Monday, September 22nd and Tuesday September 23rd. The allocation trial will finally decide how the $7.3B dollars in proceeds of sales of Nortel's business lines and its patents will be split between the various Nortel estates and ultimately be paid to creditors.
Don Sproule, President of the NRPC, stated emphatically:
"We call upon both the Canadian and the US courts to do justice among the parties
and provide a fair, prompt and reasonable distribution to all creditors, particularly
Nortel's hard-hit pensioners and disabled employees."
This final court session will be one more step along the path to gain justice for the pensioners and Long Term Disabled employees who have become involuntary creditors in this high stakes bankruptcy.
We note with dismay that the distressed debt investors, who paid pennies on the dollar to acquired Nortel bonds after the commencement of the CCAA proceedings, are still pursuing outrageous interest claims that will allow them to reap windfall profits at the expense of the pensioners, their survivors and the disabled.
The Canadian employees of Nortel were the primary creators of the bulk of Nortel's patents and assets of the once global company. They are owed better treatment than what is promoted by the Bondholders and they are resolute to wait as long as it takes for an equitable share of Nortel's dwindling assets.
SOURCE: Nortel Retirees and Former Employees Protection Canada
For further information: Don Sproule, President, NRPC, 613-729-9729, firstname.lastname@example.org; Mike Campbell, Vice President, NRPC, 416-948-8281, email@example.com; François Meunier, Director, NRPC-Ottawa Region, 613-825-5662, firstname.lastname@example.org; Anne Clark-Stewart, Director, NRPC-Communications, 905-891-8220, email@example.com; E-mail: firstname.lastname@example.org; Web site: www.nortelpensioners.ca