This agreement must be approved by the US courts before it is finalized.
The NRPC strongly objects to this proposed settlement as payment of interest to one group of creditors at the expense of all others in an international bankruptcy of this magnitude is clearly unacceptable.
If approved by the
"This is a cooked up deal among friendly parties that support the vulture funds, with no support from other creditors, and with total disregard for Nortel's former Canadian employees who were the primary creators of the bulk of Nortel's patents which powered the once global company. Nortel's former Canadian employees deserve far better treatment.
The agreement dramatically increases the difficulty and expense of reaching a reasonable settlement between parties on allocation of the lockbox funds, does nothing to encourage any resolution, and fools nobody as to its intent.
We hope that both the U.S. and Canadian Courts see through this sham arrangement."
Nortel's former Canadian employees remain resolute in their determination to do all in their power and wait as long as it takes to receive an equitable share of Nortel's dwindling assets.
SOURCE Nortel Retirees and Former Employees Protection Canada
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