On January 14, 2009 Nortel Networks Inc. (“NNI”) and certain of its affiliated U.S. debtors filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware. NNI and its affiliated U.S. Debtors continue to operate as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code.
On January 14, 2009, NNI’s ultimate corporate parent Nortel Networks Corporation, NNI’s direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (Canada) seeking relief from their creditors. Also on the January 14, 2009, the High Court of England and Wales placed nineteen of NNI’s European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world.
Since the commencement of its various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. For further information regarding NNI’s and its affiliated U.S. Debtors’ chapter 11 cases, reference may be made to the Monthly Operating Reports filed by the U.S. Debtors at http://dm.epiq11.com/nortel.
On November 4, 2016, the Debtors filed the First Amended Joint Chapter 11 Plan of Nortel Networks Inc. and Certain of Its Affiliated Debtors (the “Plan”). On November 4, 2016, the Debtors also filed their Proposed Disclosure Statement for the First Amended Joint Chapter 11 Plan of Nortel Networks Inc. and Certain of Its Affiliated Debtors. The Delaware Bankruptcy Court issued an Order(I) Approving the Disclosure Statement, (II) Establishing the Voting Record Date and Procedures for Soliciting, Receiving and Tabulating Votes on the Plan and (III) Setting the Confirmation Hearing Date and Establishing Notice and Objection Procedures. A copy of the order is available here. The approved version of the Disclosure Statement is available here. A revised Plan was filed on December 1, 2016. A final revised Plan was confirmed by the Bankruptcy Court on January 24, 2017. A copy of the confirmed Plan is attached as Exhibit A to the Findings of Facts, Conclusions of Law, and Order Confirming First Amended Joint Chapter 11 Plan Nortel Networks Inc. and Certain of its Affiliated debtors, which is available here.