June 9, 2011
The Supreme Court of Canada today denied leave to appeal from a decision of the Ontario Court of Appeal dated January 7, 2011 regarding the allocation of the assets of Nortel’s health and welfare trust. Leave had been sought by a small group of Nortel’s disabled employees who opposed the decision of the CCAA judge of November 9, 2010 approving an allocation which gave all beneficiaries approximately 34% of their entitlements in the Trust. Please click here to view a copy of the Supreme Court’s Judgment.
The Monitor’s website indicates that a motion will be brought to the Ontario Superior Court of Justice on or before June 30, 2011 for approval of a further interim distribution to bring all Income Beneficiaries to 25% of their Income Benefits calculated in accordance with the Approved HWT Allocation Methodology. The Monitor’s website further indicates that a motion for approval of an interim distribution in respect of life insurance benefits, as well as an application for approval of the final distribution of the HWT, will be brought as soon as practicable. For more information, please visit the Monitor’s website at www.ey.com/ca/nortel.
Please click here to view a copy of a media release to view a copy of a media release issued today by Susan Kennedy, the court-appointed Representative for Nortel Disabled Employees.