Nortel Networks Corporation (OTCBB: NRTLQ) is still alive. Sort of. The bankrupt telecom and communications networking equipment provider has announced that the company, its Nortel Networks Limited, and the other Canadian subsidiaries that filed for creditor protection under the Companies’ Creditors Arrangement Act, have all obtained an order from the Ontario Superior Court of Justice a stay of proceedings that was previously granted by the Canadian Court.
This further extends the period out to October 30, 2009. The extension also allows the Nortel companies to continue to have discussions with interested parties for the sale of its businesses. Further, it allows the companies to continue to assess other restructuring alternatives if it is unable to maximize value through sales and file a plan of arrangement.
The comical issue in this tragedy is the “maximize value”… How many bankruptcies maximize value?
Nortel has essentially been given a last survival line. That line will only determine if creditors will have a dime or a dime and a penny. In the end, its name is still going to be No-Tel.
JON C. OGG
JULY 30, 2009
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.