TORONTO, May 9, 2014 /CNW/ - This coming week, a very important court proceeding will commence regarding the final distribution of $7.3B from the asset sales of Nortel Networks. The court-appointed representatives, as well as the non-profit NRPC, all representing the interests of over 20,000 Nortel pensioners and former employees, are expressing their deep disappointment that no settlement was reached in previous mediation attempts and that this costly and lengthy legal process had to be undertaken.
On Monday, May 12, 2014 at 12:30pm, the following court-appointed representatives will be available to meet with the media at the front steps of the courthouse at 330 University Avenue, Toronto:
Don Sproule, President NRPC (for the Nortel retirees),
Michael Campbell (for the Nortel terminated employees)
Sue Kennedy (for the Nortel disabled employees)
Don Sproule, President of the NRPC spoke out: "For over five years, our retirees and former employees have been fighting for a fair share of the pie. We have been treated as pawns in this game by vulture bondholders, while pensioners are deprived of a significant portion of their meager pensions. We will continue the battle. Canadian pensioners and disabled employees have already taken their hit financially with the cutback of pensions and loss of long-term disability income, as well as all medical and life insurance. Nortel pensioners in the USA and UK have suffered no such cutbacks."
Frank Mills, age 78, with 34 years of service at BNR/Nortel, represents the thinking of a larger portion of the Nortel pensioner community: "I will continue to fight for a fair and equitable result. I'd rather end up on welfare than give our hard-earned assets to these vultures." The bondholders are pressing for interest from the date of the CCAA filing in January 2009 on bonds purchased at substantially less than the face value of the claim. "If allowed, that would be a grave injustice since the money would have to come straight out of our pockets," he added.
The Canadian employees of Nortel were the primary creators of the bulk of Nortel's patents and the once global company. They are owed better treatment than what is advocated by the bondholders and they are resolute to wait as long as it takes for an equitable share of the assets.
Image with caption: "Nortel Retirees and Former Employees Protection Canada Logo (CNW Group/Nortel Retirees and Former Employees Protection Canada)". Image available at: http://photos.newswire.ca/images/download/20140509_C2383_PHOTO_EN_2079.jpg
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, Michael.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