May 3, 2011
The Court has approved the Monitor’s request that a second interim distribution be made to Income Beneficiaries of Nortel’s HWT. Please click here to view a copy of the May/June Interim Distribution Order.
The May/June Interim Distribution will provide some financial relief to Income Beneficiaries before the final distribution of Nortel’s HWT corpus. For the majority of Income Beneficiaries, the May/June Interim Distribution will result in a lump sum payment representing 2 months of payable income benefits. No individual will receive an amount that exceeds two months of payable benefits, but some individuals may receive less, depending on their individual circumstances. The May/June Interim Distribution will be the amount that, when taken with the January Interim Distribution, will be 10% of the individual’s Income Benefits calculated in accordance with the Approved HWT Allocation Methodology. Like the January Interim Distribution, the May/June Interim Distribution will be credited against Income Beneficiaries’ future distribution from Nortel’s HWT.
The payments are expected to be made at the end of May.