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And those are just the Canadian recipients. While the amounts going out seem huge, the claims against Nortel were many billions of dollars higher. Some are still unresolved, including those related to the costs of cleaning up former Nortel industrial properties in Belleville, Brockville and elsewhere.
The Canadian estate has set aside a few hundred million dollars to cover these and other obligations, plus ongoing administration. Canadians with approved claims received Little money had been set aside to cover those obligations. The result: Even after receiving proceeds from the bankruptcy settlement, these plans have left claimants with substantially less than what they had been promised when Nortel was a going concern.
The professionals were paid upfront, cents on the dollar. The accounts reflected eight years of work associated with managing the bankruptcy proceedings. Manage Print Subscription. Main Menu Search financialpost. This advertisement has not loaded yet, but your article continues below. We apologize, but this video has failed to load. Try refreshing your browser, or tap here to see other videos from our team.
Email Address There was an error, please provide a valid email address. Thanks for signing up! Alberta is on the verge of another boom — will it be more sustainable this time around? Canadian Tire misses expectations as demand cools from pandemic highs. People are tired of it. Ottawa Nortel executives continue drawing bonuses years after bankruptcy Former Nortel workers who are still owed money say they're frustrated that executives with the now defunct company are still drawing retention bonuses, eight years after the company started bankruptcy proceedings.
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