Nortel extends stay period through October

TORONTO – Nortel has been granted permission from the Ontario Superior Court of Justice to push back its stay period under the Companies' Creditors Arrangement Act to October 30, 2009.The purpose of the stay of proceedings is to allow the Nortel companies to continue to hold discussions for the sale of its businesses, and to continue to assess other restructuring alternatives if it is unable to maximize value through sales and file a plan of arrangement.www.nortel.com/news