US telecom equipment maker Avaya has received EU regulatory clearance for its planned buy of assets owned by bankrupt Canadian peer Nortel Networks. Avaya is buying Nortel’s enterprise business, which builds networks and voicemail systems for companies and government agencies, for about $900 million.
Nortel filed for bankruptcy protection in January and is selling off assets to repay creditors. – (Reuters)
The number of US workers filing new applications for jobless insurance was unchanged last week, according to government data yesterday that showed the labour market was slowly healing. Initial claims for state unemployment benefits were flat at a seasonally adjusted 505,000 in the week ended November 14th. However, the four-week moving average of claims dropped to its lowest in almost a year. – (Reuters)
An appeal by ACCBank against the implementation of a survival scheme for the Fleming construction group must be heard before Christmas if more than 300 jobs are to be saved, the Supreme Court was told yesterday. An appeal date has not yet been set.
Lawyers for the group, its examiner George Maloney and its biggest creditor, Anglo Irish Bank, stressed to the Chief Justice, Mr Justice John Murray, the future of the group is dependent on the speedy implementation of the survival scheme for three key companies.
Mark Sanfey SC, for the examiner, said this was particularly so as some 99 per cent of the group’s creditors supported the scheme with ACC the only objector. More than 300 jobs, 137 in the three companies and 200 others in subsidiaries, were dependent on the scheme, he said.
The Chief Justice indicated efforts would be made to achieve an appeal hearing before Christmas.
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