Nor­tel Canada to start pay­ing bil­lions to cred­i­tors

Cape Breton Post - - Business -

TORONTO — Nor­tel Canada’s long-suf­fer­ing cred­i­tors will fi­nally be­gin to re­ceive their share of more than US$4 bil­lion to be dis­trib­uted un­der a plan ap­proved in Jan­uary, eight years af­ter the for­mer tech­nol­ogy ti­tan be­gan bank­ruptcy pro­ceed­ings. Nor­tel Net­works Corp. - the for­merly pub­lic multi­na­tional com­pany that was head­quar­tered in Canada - an­nounced Fri­day that the ini­tial dis­tri­bu­tion of the money is ex­pected to be made in late June or early July.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.