Nortel Networks 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 10, 2010
NORTEL NETWORKS CORPORATION
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code 905-863-7000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
On November 12, 2010, Nortel Networks Corporation (the Company) issued a press release concerning its financial results for the third quarter 2010. Such press release is attached hereto as Exhibit 99.1 and furnished in accordance with Item 2.02 of Form 8-K.
As previously announced, Nortel Networks Inc. (NNI) entered into an employment agreement with George Riedel, Chief Strategy Officer and PresidentBusiness Units. On November 10, 2010, NNI executed an amendment to the agreement to extend Mr. Riedels employment with NNI to March 31, 2011. The election to continue Mr. Riedels employment beyond January 1, 2011 was made by NNIs Principal Officer, together with the Canadian Monitor, and in consultation with the Unsecured Creditors Committee and the Ad Hoc Bondholder group.
Reference is made to the mediation process in respect of the allocation of sale proceeds and other inter-estate matters as disclosed in the Registrants Form 10-Q for the quarter ended September 30, 2010. Such mediation was held over the period from November 11 to 16, 2010 (the November Mediation Session). The November Mediation Session did not result in the resolution of the issues presented. It is anticipated that additional discussions will continue in respect thereof; however, no assurance can be given as to the timing or outcome of such future discussions.
As previously announced, the Registrant does not expect that its common shareholders or the preferred shareholders of Nortel Networks Limited will receive any value from the creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 17, 2010