Business as usual for Nortel US, but NYSE suspends shares

TORONTO – Nortel Networks received approval from the US bankruptcy court for motions filed around its Chapter 11 provisions last week. Nortel’s US-filed companies are allowed to “operate their businesses in the ordinary course,” including making payments relating to employees' wages, salaries, commissions and benefits; continue the US debtors' current cash management system and related relief; and can impose restrictions on the trading of its common shares, a press release said. In related news, Nortel received notice from the New York Stock Exchange that its stocks listing had been suspended. As reported by Cartt.ca, Nortel filed for court protection under...