LEXPERT MAGAZINE
|
NOVEMBER/DECEMBER 2017 19
INDUSTRY ANALYSIS
|
CORPORATE TRANSACTIONS OF IMPORTANCE
|
4
High Technology
3
Retail
2
Construction & Engineering
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
2
Consumer Staples
Energy & Power Pipelines
Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction
Consumer Staples
e Monitor then led the negotiation of a waiver and reserve agree-
ment, which permitted the global settlement and plans to become
effective in early May 2017 notwithstanding the intention of an indi-
vidual opposing creditor to seek leave to appeal to the Supreme Court
of Canada. (e Supreme Court of Canada ultimately denied this
leave application in July 2017.)
On May 25, 2017, Nortel Canada announced receipt of its alloca-
tion entitlement of approximately US$4.165 billion plus a further
US$237 million of additional sale proceeds and US$35 million on
account of cost reimbursements. Initial distributions to unsecured
creditors of Nortel Canada commenced in July 2017.
e case involved the coordinated, multi-jurisdictional — Canada,
US, Europe and various other jurisdictions — sale of Nortel's global
business units and patent portfolio for more than US$7.3 billion,
followed by an unprecedented simultaneous joint, video-linked trial
before the Ontario and Delaware courts to address the allocation of
those proceeds.
A far-reaching global settlement was ultimately negotiated
amongst numerous international parties leading to creditor and
court plan approvals and distributions of billions of dollars to Nortel
creditors worldwide.
Goodmans LLP represented the Monitor and the foreign repre-
sentative for the Canadian proceeding in the Chapter 15 recognition
proceedings under the U.S. Bankruptcy Code with a team led by Jay
Carfagnini, Joseph Pasquariello and Chris Armstrong (restructur-
ing), and including Gale Rubenstein, Melaney Wagner and Ryan
Baulke (restructuring), and Benjamin Zarnett, Jessica Kimmel, John
Keefe, Alan Mark, Graham Smith, Peter Ruby, Jason Wadden, Lau-
ren Butti and Peter Kolla (litigation).
Gowling WLG (Canada) LLP and Norton Rose Fulbright
Canada LLP represented Nortel Canada with a team that included
Derrick Tay and Jennifer Stam (restructuring), Michael Lang and
Jim Cade (corporate/M&A), Tony Reyes and Evan Cobb (restruc-
turing), Chris Hunter (intellectual property), Alan Merskey and Va-
suda Sinha (litigation) and Ruth Wahl (research).
Torys LLP was Canadian counsel for Nortel Networks Inc.
(Chapter 11 debtor and US subsidiary), with a team that included
Tony DeMarinis, Scott Bomhof and Adam Slavens (restructuring)
and Sheila Block, Andrew Gray and Jeremy Opolsky (litigation).
Davies Ward Phillips & Vineberg LLP and Lax O'Sullivan
Lisus Gottlieb LLP were co-Canadian counsel for the Joint Ad-
ministrators of Nortel Networks UK Limited, and comprised
Matt Gottlieb (litigation) and Robin Schwill (restructuring).
Osler, Hoskin & Harcourt LLP represented the former Di-
rectors and Officers of Nortel Canada with a team that included
Lyndon Barnes, Alex Cobb and Adam Hirsh.
Koskie Minsky LLP represented the Former Employees and LTD
Beneficiaries of Nortel Canada . e team from Koskie Minsky in-
cluded Mark Zigler, Susan Philpott, Barbara Walancik and James
Harnum (litigation).
Paliare Roland Rosenberg Rothstein LLP was counsel for the
Superintendent of Financial Services (Ontario), with a team that in-
cluded Ken Rosenberg, Lily Harmer and Massimo Starnino (restruc-
turing/litigation).
McCarthy Tétrault LLP represented Morneau Shepell Ltd., as
administrator of Nortel's Canadian registered pension plans, with a
team that included Jamey Gage, Barbara Boake and Sharon Kour (re-
structuring), Paul Steep and Byron Shaw (litigation), Barry Sookman
(intellectual property) and Randy Bauslaugh (pensions).
Janice Payne and Chris Rootham (litigation) of Nelligan O'Brien
Payne LLP and omas McRae and Arthur Jacques (litigation) of
Shibley Righton LLP were counsel to the Nortel Continuing Ca-
nadian Employees.
Barry Wadsworth was in-house counsel for UNIFOR.
Dentons Canada LLP was Canadian counsel for Wilmington
Trust, National Association, with a team that included John Salmas
and Ken Kra (restructuring).
Bennett Jones LLP was Canadian counsel for the Informal
Nortel Noteholder Group with a team that included Rick Orzy
and Kevin Zych (restructuring), and Richard Swan and Gavin Fin-
layson (litigation).
Cassels Brock & Blackwell LLP was Canadian counsel for the
US Official Committee of Unsecured Creditors with a team that
included Michael Wunder, Shayne Kukulowicz, Ryan Jacobs, Jane
Dietrich and Monique Sassi (restructuring) and Geoffrey Shaw and
Stefanie Holland (litigation).
ornton Grout Finnigan LLP and Blake, Cassels & Gray-
don LLP were co-counsel for the UK Pension Protection Fund
and Nortel Networks UK Pension Trust Limited with a team
that included Michael Barrack (litigation), D.J. Miller (restructur-
ing), John Finnigan (litigation) and Rebecca Kennedy (restructur-
ing). [ere were participating US counsel for all parties, as well as
UK counsel in some cases.]
