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UPDATE 1-Nortel gets extension of stay of proceedings
April 13 |
April 13 (Reuters) - Nortel Networks Corp said a Canadian court granted it an extension of a stay of proceedings to July 31, helping it continue with its restructuring efforts.
The Canadian telephone equipment maker had filed for bankruptcy in 2009. It had also sought creditor protection under the Companies' Creditors Arrangement Act (CCAA).
"The purpose of the stay of proceedings is to provide stability to the Nortel companies to continue with their restructuring efforts and to continue to work toward the development of a plan of arrangement," the company said.
The stay was extended by the Ontario Superior Court of Justice.
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