Nortel Networks Corporation – 4
March 11, 2015
On March 11, 2015, the Ontario Superior Court of Justice (Commercial List) increased the maximum amount that can be applied for from the Hardship Fund as follows:
i. Former employees (including LTD beneficiaries) are now eligible to apply for a maximum payment of up to 16 weeks of salary based on a maximum weekly salary of up to $1,200 per week. A further $5,000 can be awarded at the discretion of the hardship committee in the case of medical or other emergency (for a total maximum of $24,200); and
ii. Pensioners and Survivors are now eligible for a maximum payment of $10,000.
For information on the increases, as well as the eligibility requirements and procedure please click here.
The Court also extended the stay period to October 2, 2015.
To see a copy of the Court Order please click here.