Nortel Networks Corporation, July 13, 2017
July 13, 2017
The first dividend to all Compensation Claims Creditors was mailed by the Monitor on July 11, 2017.
As previously reported, the first dividend is for 45.49% for Compensation Creditors less any amounts received from the Health and Welfare Trust or the Hardship Fund and any applicable tax or other withholding. A detailed statement will be provided with cheques and a Guide to the Initial Distribution will be mailed to members providing an explanation of various items on the statement. A copy of the Guide to Initial Distribution is available here. [link no longer available]
Please not the Guide to Initial Distribution has been mailed separately from the cheques.
Some members will only receive a statement at this time as their distributions are in hold until a review is completed by Employment and Social Development Canada (ESDC) for amounts owing for Employment Insurance (EI). Once the review is completed by ESDC, the Monitor will release your cheque less any EI owing.
The Monitor and Representative Counsel have organized webinars and information sessions in order to explain the distributions and tax implications. Please try and attend one of these sessions if you have any questions regarding your distribution. To view a copy of the full schedule please click here. [link no longer available]
The next and possibly final distribution is expected be between 2.5%-4% of your Compensation Claim, however, the timing is not yet known.