Nortel extends CCAA stay period, completes Avaya sale

TORONTO – Nortel Networks has extended its stay period under the Companies' Creditors Arrangement Act.The company said that it has obtained an order from the Ontario Superior Court of Justice further extending the stay of proceedings that was previously granted by the Canadian Court, to January 29, 2010. The purpose of the stay of proceedings is to provide stability to the Nortel companies to finalize funding arrangements and continue with their divestiture and other restructuring efforts.In related news, Nortel announced that it has completed the sale of substantially all of its global enterprise solutions business, including shares of Nortel Government Solutions...