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WWW.LEXPERT.CA
Roy, Christian B. Norton Rose Fulbright Canada LLP
(418) 640-5028 christian.roy@nortonrosefulbright.com
Mr. Roy is local chair of the litigation group in the Québec office. His
practice focuses primarily on corporate restructuring, bankruptcy, insolvency
and realization of bank guarantees. His services are often retained by
companies with restructuring needs and by court-appointed officers, financial
institutions, secured and unsecured creditors and purchasers of assets
from distressed companies.
Roy, André J. Stikeman Elliott LLP
(514) 397-3119 aroy@stikeman.com
Mr. Roy is Managing Partner of the Montréal office, member of the
Partnership Board and of its Executive Committee. He specializes in private
and public financings, cross-border transactions, public and private M&A,
and corporate governance. His principal clients are in the communications,
media, printing, retail pharmaceutical, industrial and financial sectors.
Rowe, Edward C. Osler, Hoskin & Harcourt LLP
(403) 260-7033 erowe@osler.com
Mr. Rowe is a partner in the National Tax Group in the Calgary office.
His practice focuses on corporate and international tax planning, regularly
advising Canadian and foreign-based multi-national groups on a variety of
matters, including inbound and outbound investment and financing, mergers
& acquisitions, divestitures, and natural resource taxation.
Rosenberg, Ken Paliare Roland Rosenberg Rothstein LLP
(416) 646-4304 ken.rosenberg@paliareroland.com
Mr. Rosenberg's practice focuses on commercial, corporate, shareholder,
regulatory and insolvency/restructuring disputes. He has acted as counsel
to a wide range of stakeholders including debtors, secured and unsecured
creditors, pension plans, unions, class action plaintiffs, court officers and
public/government authorities.
Romano, Simon A. Stikeman Elliott LLP
(416) 869-5596 sromano@stikeman.com
Mr. Romano is a partner in the Capital Markets and M&A Groups. His practice
focuses on securities, public and private M&A, and corporate finance,
as well as SPACs. He also advises on corporate governance and executive
compensation matters. He is a member of the Canadian Bar Association,
co-authored the first book on Canadian income funds and was a former clerk
at the Supreme Court of Canada.
Reyes, Tony Norton Rose Fulbright Canada LLP
(416) 216-4825 tony.reyes@nortonrosefulbright.com
Senior partner in the restructuring and insolvency team, Mr. Reyes's
practice includes advising debtors, creditors and insolvency/restructuring
professionals with respect to restructurings and disputes amongst
stakeholders. Has practised over 25 years in Ontario and has been involved
in most of Canada's major restructurings and insolvencies, affecting
a wide variety of industries.
LEXPERT-RANKED LAWYERS
57.1 per cent of the global sale proceeds of US$7.3
billion, Nortel's US debtors to 24.35 per cent
and Nortel's European debtors to 18.55 per cent.
Stemming from and in order to implement the
global settlement, coordinated plans of arrange-
ment were also negotiated amongst the Nortel
Canada and US debtors and their key stakehold-
ers and these plans were filed in Canada and the
US Creditors and the courts approved the plans
in January 2017, with in excess of 99 per cent of
voting creditors (both by number and value) vot-
ing to approve the Canadian plan. Two individual
unrepresented opposing creditors sought leave to
appeal the Canadian sanction order. e leave ap-
plication was dismissed by the Ontario Court of
Appeal in March 2017.
e Monitor then led the negotiation of a waiv-
er and reserve agreement, which permitted the
global settlement and plans to become effective
in early May 2017 notwithstanding the intention
of an individual 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 allocation entitlement of approxi-
mately US$4.165 billion plus a further US$237
million of additional sale proceeds and US$35
million on account of cost reimbursements. Ini-
tial distributions to unsecured creditors of Nortel
Canada commenced in July 2017.
e case involved the coordinated, multi-juris-
dictional — Canada, US, Europe and various oth-
er jurisdictions — sale of Nortel's global business
units and patent portfolio for more than US$7.3
billion, followed by an unprecedented simultane-
ous 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 par-
ties 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 representative for the Canadian
proceeding in the Chapter 15 recognition pro-
ceedings under the U.S. Bankruptcy Code with a
team led by Jay Carfagnini, Joseph Pasquariello
and Chris Armstrong (restructuring), and includ-
ing Gale Rubenstein, Melaney Wagner and Ryan
Baulke (restructuring), and Benjamin Zarnett,
Jessica Kimmel, John Keefe, Alan Mark, Graham
Smith, Peter Ruby, Jason Wadden, Lauren 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
