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Public News

January News Flash Available re Settlement

(Problem with download is now fixed.) The latest issue of the NRPC newsletter is now available to members under the Newsletter section of the Members Only portion of the website.

December 2016 Newsletter Now Available

The latest issue of the NRPC newsletter is now available to members under the Newsletter section of the Members Only portion of the website.

October 2016 Newsletter Now Available

The latest issue of the NRPC newsletter is now available to members under the Newsletter section of the Members Only portion of the website.

Settlement Reached!

From the Koskie-Minsky website on 12 Oct 2016: 

After nearly 8 years of skirmishing among stakeholders, and financial hardship suffered by our constituents, the Court-appointed Representatives, together with the NRPC and CNELTD,  are very happy that a settlement has been reached which will pave the way to finally putting money into people’s pockets.

The victories secured in court, especially over the last two years, were the catalyst to this settlement which yields substantially more than any creditor group was prepared to concede in court to Canadian creditors.

The allocation of the roughly US $7.3 billion collected from the sales of Nortel’s worldwide businesses (the “lockbox”) has been settled, with some conditions. Pursuant to the Global Settlement and Support Agreement, the Canadian Estate will receive approximately 57% of the lockbox (US $4.143 billion). Some of the proceeds will be converted to Canadian dollars, and together with the funds currently in the Canadian Estate, will be made available to Canadian creditors through the claims process.

The Global Settlement and Support Agreement is subject to certain conditions, including court approval in Canada, the US and Europe, and creditor approval in Canada and the US.

Assuming that all conditions are satisfied, the Monitor of the Canadian Estate estimate that a payment on claims will be made in the first half of 2017.

Links That Might Help Your Decision

Since the Nortel bankruptcy is forcing the wind-up of the Nortel Pension Plans, many pensioners face complex, personal decisions on whether to convert their pension into an annuity or a Life Income Fund. Such one-time-only, personal financial decisions are best made with competent, financial advice. To supplement such advice, some pensioners have found online tools to be helpful in understanding their situation and alternatives. The NRPC can take no responsibility for the validity and accuracy of these sites or for any decisions that you might make based on these sites but only provides a link for your consideration. Use at your own risk. The NRPC is not able to provide advice on which choice to make. Note that the decision deadline has already past for those Pensioners in the Negotiated plan so this information is for the benefit of those in the Managerial plan.