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December 4, 2012
17:03 EDTNDZNordion provides update on MAPLE arbitration costs
Nordion provided an update regarding the submissions of arbitration-related costs by Atomic Energy of Canada Limited associated with Nordion's arbitration with AECL over the cancelled MAPLE project. Nordion has received and is currently assessing the legal merits and financial implications of AECL's costs submissions. AECL submitted total arbitration-related costs of approximately $46M. The company expects to file a response to AECL's submission with the tribunal in early 2013. The tribunal is expected to schedule proceedings to hear both parties' arguments during the company's second fiscal quarter of 2013. Nordion expects a decision to be rendered regarding the allocation of arbitration-related costs thereafter. As the MAPLE arbitration decision of the tribunal favored AECL, Nordion may be responsible for a portion of AECL's costs which could be material.
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