Ontario · CCAA

The purpose of this One-Hundred and Second Report of the Monitor (the "One-Hundred and Second Report") is: (a) to provide an overview of the proceedings commenced in 2012 by Maitre Cosme Rogeau (the "French Liquidator") in his capacity as the liquidator of NNSA pursuant to Articles L.651-1 et seq. of the Commercial Code (France) against, among others, NNC, NNL and the Monitor before the Versailles Commercial Court (the "French Court") which allege that NNC and NNL were the effective managers of NNSA and mismanaged its affairs, and seeks, inter alia, to hold NNC and NNL liable for any deficiency of NNSA's assets relative to its liabilities (the "French Proceedings"); and (b) to support the relief sought by the Monitor and Canadian Debtors with respect to the French Proceedings, including a declaration that: (i) the purported exercise of rights by the service of the Summons (as defined below) by the French Liquidator on NNC, NNL and the Monitor in Canada is a breach of the stay granted in the Initial Order; and (ii) the French Proceedings are null and void and shall be given no force or effect in these proceedings, nor otherwise recognized as creating or forming the basis of any valid or enforceable rights, remedies or claims against the Canadian Debtors, the Monitor or any of their respective assets, property or undertakings in Canada

Court officer report · 5 February 2014