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| NRTLQ.PK > SEC Filings for NRTLQ.PK > Form 8-K on 30-Oct-2009 | All Recent SEC Filings |
30-Oct-2009
Entry into a Material Definitive Agreement
On October 30, 2009, Nortel Networks Corporation ("Nortel") announced that it, together with its principal operating subsidiary Nortel Networks Limited ("NNL") and Nortel Networks Inc., entered into an amendment of its previously announced asset sale agreement with Telefonaktiebolaget LM Ericsson ("Ericsson") regarding the sale of substantially all of Nortel's CDMA business and LTE Access assets.
Under the amendment, Nortel and Ericsson have extended to November 30, 2009 the date by which to close the sale. The parties expect to close the sale prior to such date. The parties agreed to the extension in order to allow more time for the satisfaction of closing conditions, including regulatory approvals.
As previously announced, Nortel does not expect that the Company's common shareholders or the NNL preferred shareholders will receive any value from the creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests.
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