Ontario · CCAA
One Hundred Sixty Fifth Report of the Monitor
Court officer report · 1 April 2026
What we verified from this filing12 verified
- cash on handnote: Comprised of $15.0 million Administrative Reserve, $2.5 million Unresolved Post Filing Claims Reserve, and $29.41 million of Available Cash; per Appendix A reconciliation, Closing Cash Balance was $46.9 million (USD, millions) before deduction of reserves. · as at: 2025-12-31 · amount: 46900000 · currency: USD · qualifier: approximately
- closing confirmedscope: the London Property · outcome: completed · effective: 2024-12-05 · date basis: stated · approval order date: 2024-11-18
- disbursementsnote: Figures shown in USD (Millions) in Appendix A reconciliation covering October 1, 2023 to December 31, 2025; includes Administrative and Contractor Costs $0.9 million, Restructuring Costs $1.2 million, and Claim Distributions $0.3 million. · since: October 1, 2023 · amount: 2400000 · currency: USD
- fee scheduleengagements: form: invoice_listing · rows: Sharon Hamilton; Edmund Yau; Brent Beekenkamp; Andrew Tuck; Vince Raimondo; fees: 290291 · rate: 1083 · hours: 268.1 · quote: Total Partner | 1,083 | 268.1 | 290,291.00 · row kind: subtotal · rate kind: average · name as stated: Total Partner; Lee Close; Kameron Gordon; fees: 57438 · rate: 969 · hours: 59.3 · quote: Total Senior Manager | 969 | 59.3 | 57,438.00 · row kind: subtotal · rate kind: average · name as stated: Total Senior Manager; Jocelyne Tardif; Dimitry Abramovich; Alexandre Ferland; fees: 36058.5 · rate: 762 · hours: 47.3 · quote: Total Manager | 762 | 47.3 | 36,058.50 · row kind: subtotal · rate kind: average · name as stated: Total Manager; Shady Khodair; fees: 13216 · rate: 590 · hours: 22.4 · quote: Total Senior | 590 | 22.4 | 13,216.00 · row kind: subtotal · rate kind: average · name as stated: Total Senior; Rob Ferguson; Kinderjit Sangha; Cam Bear; Tess Carandang; fees: 271138.5 · rate: 398 · hours: 681.8 · quote: Total Para Professional | 398 | 681.8 | 271,138.50 · row kind: subtotal · rate kind: average · name as stated: Total Para Professional; Matthew Tremayne-Pengelly; Surreddy Shekar Reddy; fees: 16059.5 · rate: 371 · hours: 43.3 · quote: Total Senior Staff | 371 | 43.3 | 16,059.50 · row kind: subtotal · rate kind: average · name as stated: Total Senior Staff; fees: 684201.5 · rate: 610 · hours: 1122.2 · quote: Grand Total (CAD) | 610 | 1,122.2 | 684,201.50 · row kind: subtotal · rate kind: average · name as stated: Grand Total (CAD) · money: tax: label: Taxes · quote: Grand Total (CAD) | 684,201.50 | 46.04 | 88,952.23 | 773,199.77 · amount: 88952.23 · fees: quote: Grand Total (CAD) | 684,201.50 | 46.04 | 88,952.23 | 773,199.77 · amount: 684201.5 · total: quote: Grand Total (CAD) | 684,201.50 | 46.04 | 88,952.23 | 773,199.77 · amount: 773199.77 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Grand Total (CAD) | 684,201.50 | 46.04 | 88,952.23 | 773,199.77 · amount: 46.04 · period: end: 2025-12-31 · kind: cumulative · quote: August 31, 2024 to December 31, 2025 · start: 2024-08-31 · approval: state: unstated · averages: rate: 610 · quote: This amount includes billings for 1,122.2 professional hours at an average hourly rate of CA$610. · currency: code: CAD · quote: Nortel Networks Professional Fees - Ernst & Young Inc (CAD) September 1, 2024 to Decembr 31, 2025 · invoices: tax: 4297.74 · date: 2024-10-01 · fees: 33059.5 · quote: CA12C500011154 | 01-Oct-24 | August 31, 2024 - September 27, 2024 | 33,059.50 | | 4,297.74 | 37,357.24 · total: 37357.24 · period end: 2024-09-27 · period start: 2024-08-31; tax: 9747.14 · date: 2024-11-04 · fees: 74978 · quote: CA12C500011296 | 04-Nov-24 | September 28, 2024 - November 1, 2024 | 74,978.00 | | 9,747.14 | 84,725.14 · total: 84725.14 · period end: 2024-11-01 · period start: 2024-09-28; tax: 11538.54 · date: 2024-12-03 · fees: 88758 · quote: CA12C500011425 | 03-Dec-24 | November 2, 2024 - November 29, 2024 | 88,758.00 | | 11,538.54 | 100,296.54 · total: 100296.54 · period end: 2024-11-29 · period start: 2024-11-02; tax: 2736.12 · date: 2025-01-02 · fees: 21001 · quote: CA12C500011547 | 02-Jan-25 | November 30, 2024 - December 27, 2024 | 21,001.00 | 46.04 | 2,736.12 | 23,783.16 · total: 23783.16 · period end: 2024-12-27 · period start: 2024-11-30 · disbursements: 46.04; tax: 3037 · date: 2025-02-04 · fees: 23361.5 · quote: CA12C500011702 | 04-Feb-25 | December 28, 2024 - January 31, 2025 | 23,361.50 | | 3,037.00 | 26,398.50 · total: 26398.5 · period end: 2025-01-31 · period start: 2024-12-28; tax: 7153.9 · date: 2025-03-04 · fees: 55030 · quote: CA12C500011793 | 04-Mar-25 | February 04, 2025 - February 28, 2025 | 55,030.00 | | 7,153.90 | 62,183.90 · total: 62183.9 · period end: 2025-02-28 · period start: 2025-02-04; tax: 5585 · date: 2025-04-01 · fees: 42961.5 · quote: CA12C500011927 | 01-Apr-25 | March 1, 2025 - March 28, 2025 | 42,961.50 | | 5,585.00 | 48,546.50 · total: 48546.5 · period end: 2025-03-28 · period start: 2025-03-01; tax: 5029.83 · date: 2025-04-29 · fees: 38691 · quote: CA12C500012060 | 29-Apr-25 | March 29, 2025 - April 25, 2025 | 38,691.00 | | 5,029.83 | 43,720.83 · total: 43720.83 · period end: 2025-04-25 · period start: 2025-03-29; tax: 3660.09 · date: 2025-06-03 · fees: 28154.5 · quote: CA12C500012184 | 03-Jun-25 | April 26, 2025 - May 30, 2025 | 28,154.50 | | 3,660.09 | 31,814.59 · total: 31814.59 · period end: 2025-05-30 · period start: 2025-04-26; tax: 5888.81 · date: 2025-06-27 · fees: 45298.5 · quote: CA12C500012338 | 27-Jun-25 | May 31, 2025 to June 27, 2025 | 45,298.50 | | 5,888.81 | 51,187.31 · total: 51187.31 · period end: 2025-06-27 · period start: 2025-05-31; tax: 5438.1 · date: 2025-08-06 · fees: 41831.5 · quote: CA12C500012435 | 06-Aug-25 | July 01, 2025 to August 01, 2025 | 41,831.50 | | 5,438.10 | 47,269.60 · total: 47269.6 · period end: 2025-08-01 · period start: 2025-07-01; tax: 7801.89 · date: 2025-09-02 · fees: 60014.5 · quote: CA12C500012544 | 02-Sep-25 | August 2, 2025 to August 29, 2025 | 60,014.50 | | 7,801.89 | 67,816.39 · total: 67816.39 · period end: 2025-08-29 · period start: 2025-08-02; tax: 5142.74 · date: 2025-10-01 · fees: 39559.5 · quote: CA12C500012633 | 01-Oct-25 | August 30, 2025 to September 26, 2025 | 39,559.50 | | 5,142.74 | 44,702.24 · total: 44702.24 · period end: 2025-09-26 · period start: 2025-08-30; tax: 2734.49 · date: 2025-11-04 · fees: 21034.5 · quote: CA12C500012819 | 04-Nov-25 | September 27, 2025 to October 31, 2025 | 21,034.50 | | 2,734.49 | 23,768.99 · total: 23768.99 · period end: 2025-10-31 · period start: 2025-09-27; tax: 5178.68 · date: 2025-12-03 · fees: 39836 · quote: CA12C500012931 | 03-Dec-25 | November 1, 2025 to November 30, 2025 | 39,836.00 | | 5,178.68 | 45,014.68 · total: 45014.68 · period end: 2025-11-30 · period start: 2025-11-01; tax: 3982.16 · date: 2026-01-02 · fees: 30632 · quote: CA12C500013045 | 02-Jan-26 | December 1, 2025 to December 31, 2025 | 30,632.00 | | 3,982.16 | 34,614.16 · total: 34614.16 · period end: 2025-12-31 · period start: 2025-12-01 · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as the Monitor of the Canadian Debtors in the CCAA proceedings (the "Monitor") · hours total: quote: Grand Total (CAD) | 610 | 1,122.2 | 684,201.50 · value: 1122.2 · context quote: ERNST & YOUNG INC. in its capacity as Monitor of Nortel Networks Corporation et al. and not its personal capacity
- operational summaryThe Canadian Estate has no ongoing business operations and remains in a wind-down phase focused on locating creditors with uncashed distribution cheques, repatriating funds from remaining foreign affiliates, completing the wind-up of the HWT, and having sold its last remaining real property (the London Property) in December 2024.
- professional feesnote: Includes 1,122.2 professional hours at an average hourly rate of CA$610, inclusive of taxes. Monitor's counsel Goodmans LLP separately billed CA$181,392.15 and Allen Overy Shearman Sterling US LLP (AOS) billed $2,120.10 (USD) for the same Period. · party: Ernst & Young Inc. (Monitor) · amount: 773199.77 · period: September 1, 2024 to December 31, 2025 · currency: CAD
- purchaserprice: sealed: false · scope: the London Property · status: closed · name note: affiliate of the purchaser, unnamed; term sheet later assigned to the Purchaser · structure: real_property · name source: recital · relationship: unstated · agreement date: 2024-10-25
- receipts cumulativenote: Figures shown in USD (Millions) in Appendix A reconciliation covering October 1, 2023 to December 31, 2025 (the Cash Reporting Period); includes Net Intercompany Receipts of $16.3 million, Interest of $7.2 million, and Other Receipts of $0.3 million. · since: October 1, 2023 · amount: 23800000 · currency: USD
- recovery outcomeentries: basis: actual · quote: | Cumulative Distribution* | | 50.50 | 55.34 | · pct of: unstated · outcome: distribution · pct low: 55.34 · pct high: 55.34 · class key: unsecured · stated by: monitor · cumulative: true · class label: Affected Unsecured Creditors (Cumulative Distribution) · interim final: unstated · claims qualifier: unstated · stated on: 2026-04-01 · table missing:
- report date1 April 2026
- report noOne Hundred Sixty Fifth Report
- sale outcometext: the London Property transaction closed following court approval · scope: parcel · status: closed