NOTICE OF DECLARATION OF DIVIDEND – 17 August 2018

 

Nortel Networks Portugal S.A (In Administration and subject to a Company Voluntary Arrangement (“CVA”)) (the “Company”)

NOTICE IS HEREBY GIVEN that a second interim dividend in respect of Allowed Claims that are not Subordinated Claims of 5p in the pound and Local Proceedings Subordinated Claims of 100p in the pound has been declared in the CVA of the Company. In addition this dividend includes an amount in respect of Commercial Interest which is being paid in full on Allowed Claims that are not CCAA Subordinated Claims. In accordance with the terms of the CVA, Commercial Interest is paid on Allowed Claims (on a pro-rata basis by reference to the value of the Allowed Claim) from 14 January 2009, to the date on which the relevant Allowed Claim is paid, at a rate of 4.32% per annum.

This dividend is in addition to the first interim dividend of 95p in the pound paid in respect of Allowed Claims that are not Subordinated Claims on 5 December 2017 and brings the total dividend paid in respect of Allowed Claims that are not CCAA Subordinated Claims to 100p in the in the pound plus applicable Commercial Interest in full. A final dividend in respect of CCAA Subordinated Claims only will be declared in due course.

Terms defined in this notice have the meaning given to them in Annex 1 (Definitions and Interpretation) of the Company Voluntary Arrangement dated 5 April 2017.

For further information please email us at cva@emeanortel.com or call +44 (0)118 328 2523. Each creditor who will be receiving a dividend will also be receiving a formal letter in the post with further details.

 

The Institute of Chartered Accountants in England and Wales in the UK authorises A R Bloom to act as an Insolvency Practitioner under section 390A(2)(a) of the Insolvency Act 1986 and The Association of Chartered Certified Accountants in the UK authorises D M Hughes to act as an Insolvency Practitioner under section 390A(2)(a) of the Insolvency Act 1986.

The affairs, business and property of the Company are being managed by the Joint Administrators, A R Bloom and D M Hughes who act as agents of the Company only and without personal liability. The Company is also subject to a Company Voluntary Arrangement. The Joint Supervisors are A R Bloom and D M Hughes who act as agents of the Company only and without personal liability.

The Joint Administrators and Joint Supervisors may collect, use, transfer, store or otherwise process (collectively, “Process”) information that can be linked to specific individuals (“Personal Data”). They may Process Personal Data in various jurisdictions in accordance with applicable law and professional regulations including (without limitation) the Data Protection Act 1998. For further details, please refer to the Data Privacy Policy at https://cva.emeanortel.com.

The Joint Administrators may act as data controllers of personal data as defined by the General Data Protection Regulation 2016/679, depending upon the specific processing activities undertaken. Ernst & Young LLP and/or the Companies may act as a data processor on the instructions of the Joint Administrators. Personal data will be kept secure and processed only for matters relating to the Joint Administrator’s appointment. The Office Holder Data Privacy Notice can be found at https://www.ey.com/uk/officeholderprivacy.