Ontario · CCAA

The purpose of this twenty-fourth Report of the Monitor ("Twenty-Fourth Report") is to provide this Honourable Court with information regarding the Applicants' motion seeking approval of: • an asset sale agreement dated October 7, 2009 (the "Ciena Agreement") amongst NNC, NNL and NNI (the "Main Sellers") and certain of their affiliates (the "Other Sellers" and, with the Main Sellers, the "Sellers"), and Ciena Corporation ("Ciena" or the "Purchaser") in respect of the sale of substantially all of the Metro Ethernet Networks business (the "MEN Business") as a "stalking horse" agreement; • a sealing order in respect of the exhibits and sellers disclosure schedules (the "Sellers Disclosure Schedules") to the Ciena Agreement for the reasons set out below; • the Bidding Procedures (as defined below); • the terms and conditions of the Break-Up Fee and Expense Reimbursement (as defined below); and • a letter of intent (the "Montreal LOI") between NNL and Breof/Belmont Ban G.P. Limited (the "Montreal Landlord"), with respect to the amendment of the current lease agreement in respect of certain property located in St. Laurent, Quebec (the "Montreal Premises"), which property is currently utilized in connection with the MEN Business; and to provide the Monitor's support thereof

Court officer report · 13 October 2009