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BRIEF-Nortel Canada announces execution of global settlement, support agreement

Published 2016-10-12, 05:37 p/m
© Reuters.  BRIEF-Nortel Canada announces execution of global settlement, support agreement

Oct 12 (Reuters) - Nortel Networks Ltd NRTLQN.UL

* Press release - nortel canada announces execution of global settlement and support agreement

* Nortel networks corp- co, nortel networks ltd entered settlement and plans support agreement with nortel networks, nortel networks uk ltd among others

* Nortel networks-global settlement and support agreement provides for resolution of allocation dispute regarding about u.s.$7.3 billion of sale proceeds

* Nortel networks corp-pursuant to global settlement and support agreement, nortel canada to get 57.1065% of sale proceeds in escrow or about $4.143 billion

* Nortel networks corp- global settlement and support agreement also provides for release to nortel canada of about u.s.$237 million of other sale proceeds

* Nortel networks-nortel canada expects to use vast majority of funds got from global settlement and support agreement to make distributions to creditors

* Nortel networks-nortel canada expects global settlement and support agreement to become fully effective and to get funds pursuant thereto in q1 of 2017 Source text for Eikon: ID:nCCN4MsJMP Further company coverage: NRTLQN.UL

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