On October 12, 2016, Nortel Networks Corporation and Nortel Networks Limited announced that they had entered into a Settlement and Plans Support Agreement with Nortel Networks Inc., Nortel Networks UK Limited, certain other global Nortel entities and various significant creditor constituents of the Nortel entities. Nortel’s worldwide business was liquidated through a number of Court-approved sales of its business units and a US$4.5 billion sale of its residual patents, resulting in US$7.3 billion of global sale proceeds to be allocated amongst the Nortel debtor companies in Canada, the United States and Europe.
Osler acted as counsel to the Directors and Officers in connection with all aspects of the restructuring, including successfully resolving complex claims that were asserted by Nortel’s European (EMEA) subsidiaries against certain former directors and officers, and in connection with the global settlement of claims between the various Nortel estates and their key creditor groups and implementation of the related plan of arrangement. Nortel Networks was one of the largest world-wide telecommunications companies with 30,000 employees spread across the globe. The team included Lyndon Barnes, Alex Cobb and Adam Hirsh (Litigation).