AT&T Completes $5B Restructuring

AT&T Canada completed, on April 1, 2003, its $5 billion restructuring and emerged from Companies’ Creditor Arrangement Act (CCAA) proceedings.

AT&T Canada was represented in-house with a legal team led by Scott Ewart, senior vice-president and general counsel; Rodger Madden, associate general counsel; Michelle Sloan and Nanci Rorabeck, senior counsel; Caroline Fremont and Richard Venerus, counsel; as well as, Chris Peirce, senior vice-president, regulatory and governmental affairs; and by Osler, Hoskin & Harcourt LLP with a team that included Rupert Chartrand, Edward Sellers, Robin Schwill and Natasha MacParland (restructuring), Lyndon Barnes, Jeremy Dacks and Nancy Roberts (litigation) Clay Horner, Don Gilchrist and Alexis Gosselin (corporate) and Monica Biringer, Simon Thompson and Julie Colden (tax).

Also acting for AT&T Canada were Gordon Baird and James Gage of McCarthy Tétrault LLP on certain financing matters, and Robert MacKeigan, John Gale and Jeff Hoyt of Cox Hanson O’Reiley Matheson. In the U.S., AT&T Canada was represented by Lewis Kruger, Brian Cogan, Chris Donoho, David Finkelman and Claude Szyfer of Stroock & Stroock & Lavan LLP in New York, and Tom Brome and Wendy Cassity of Cravath Swaine & Moore LLP in New York. Geoff Morawetz, Gale Rubenstein, Candy Schaffel and Ben Zarnett of Goodmans LLP provided independent counsel to AT&T Canada’s board of directors.

Barbara Miller, Edmond Lamek, Donald Milner and Robert Harrison of Fasken Martineau Dumoulin LLP served as counsel to AT&T Corp.

The ad hoc committee of noteholders, which was a subset of the approximately $4.5 billion of noteholders, was represented in Canada, by Bennett Jones LLP with a team that included S. Richard Orzy, Kevin Zych and Raj Sahni (restructuring), Robert Staley, Marty Kay and Robyn Ryan Bell (litigation), Nick Fader (corporate) and Alan Ross (tax), and in the U.S., by Evan Flaschen, Chris Snow, Gregory Nye and Vi Smalley of Bingham McCutchen LLP in Hartford, Connecticut.

David Byers and Ashley Taylor of Stikeman Elliott LLP acted for KPMG Inc. as monitor.

Jim Riley, Michael Matheson and Michael Weinczok of Ogilvy Renault acted for AT&T Canada’s syndicated lenders. Diane Winters, general counsel, Department of Justice, acted for the Canada Customs and Revenue Agency. The Bank of New York, as trustee, was represented by Baker & McKenzie with a team that included Jonathan Wigley in Toronto and Joe Samet and Ira Reid in New York.