Monday, August 10, 2009

Canadian Claims process against Nortel

The Canadian courts have agreed to a claims process against Nortel, and all proof of claims must be submitted by the bar date of September 30th. Information on the process, the proof of claims form, and a guide may be found on the Ernst & Young (Monitor) web site which may be accessed from the links shown on the right hand side of this page.

In the Canadian case, Koskie Minsky is acting on behalf of former employees and retirees and in the latest newsletter KM explains that they will be carrying out a simplified submission on our behalf. See:

The details in the KM newsletter on the claims submission are “in quotes” as follows:

“Jul 31, 2009

Canadian Claims Procedure Not Applicable to Pensioners, Former Employees or LTD Recipients

On July 30, 2009, the court approved a Claims Procedure for Nortel's creditors in Canada. .


KM is negotiating a separate simplified claims process for all Former Employees, including pensioners, whereby we will prepare the original claims with data from the company and Monitor and send them out to people for verification. This way, individuals will not be in the difficult position of having to calculate and submit their own claims. All Former Employee claims will be included in this separate Claims Procedure, as will any lost benefits, including pension and health benefits. Once the process has been determined, we will post information about it on our website. LTD recipients continue to receive their benefits from Nortel and as such, do not have a claim against Nortel as yet. Should claims crystallize, Koskie Minsky as Representative Counsel will also file claims on behalf of LTD recipients. ”

Since Canadian pensioners are still receiving pension payments from Nortel, I presume that we will not be claiming for that until the pension plan is wound up. It is unclear yet as to when that will happen. It is also unclear what we will need to claim for at that time.

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