Teleglobe and Affiliates File for CCAA Protection

On May 15, 2002, telecommunications company, Teleglobe Inc. and certain of its affiliates filed for creditor protection under the Companies’ Creditors Arrangement Act in Ontario. Originally a crown corporation with a Canadian monopoly over international communication services, since November 2000 Teleglobe has been a wholly owned subsidiary of BCE Inc. Teleglobe maintains operations worldwide and has debts in excess of US$3 billion.

Teleglobe is represented by Ogilvy Renault, with a team that includes Derrick Tay, Ian Ness and Mario Forte (restructuring), Peter Newell and Mark Convery (corporate), Ken Snider and Barry Segal (tax), Sam Billard (finance), Martin Rochette (pensions) and Caroline Ursulak (employment). John Rapisardi of Jones, Day, Reavis & Pogue in New York is acting for Teleglobe in the U.S.

BCE is represented by in-house counsel Martine Turcotte, and by Sean Dunphy and Ron Ferguson of Stikeman Elliott. Mark Shapiro of Shearman & Sterling in New York is acting for BCE in the U.S.

Rick Orzy and Kevin Zych of Bennett Jones LLP is acting for the ad hoc committee of bondholders. Evan Flaschen of Bingham Dana LLP in Hartford is representing the bondholders in the U.S.

Geoff Morawetz and Rob Chadwick of Goodmans LLP is acting for the bank lending syndicate. J. Robert Stoll of Mayer, Brown, Rowe & Maw in Chicago is acting for the banks in the U.S. Ernst & Young Inc. is the monitor in the proceedings and is represented by Peter Griffin and Peter Osborne of Lenczner Slaght Royce Smith Griffin. Sandy Shandro of Freshfields in London has the U.K. mandate.