Gale Rubenstein
Gale Rubenstein
Counsel at Goodmans LLP
(416) 597-4148
(416) 979-1234
333 Bay St, Suite 3400, Bay Adelaide Ctr, W Twr, Toronto, ON
Year called to bar: 1977 (ON)
Partner. Practice includes insolvency and restructuring, focusing on domestic/international financial institutions and on pension and employee issues in restructurings. Senior counsel to the investor committee who oversaw the restructuring of Canadian Third Party ABCP; to the Monitor on Nortel Canada and Target Canada’s insolvencies; to the Province of Ontario on the GM, Chrysler, Stelco, and Essar Algoma restructurings and GM IPO; to the liquidators of numerous financial institutions including Confederation Life and Union Life and the Canadian branches of Reliance and Orion Insurance Companies; and to Canada Deposit Insurance Corporation on bank resolution issues. Served on the Board of Hydro One, member of the Board of Scarborough Health Network, and Inaugural Chair of the University Pension Plan Ontario. Identified as a leading practitioner of insolvency and restructuring law in publications such as Lexpert®, Chambers, Euromoney, IFLR 1000, Who’s Who Legal: Canada, and The Best Lawyers in Canada. Recipient of the OBA Award for Excellence in Insolvency Law in 2013 and Fellow of the Insolvency Institute of Canada. Co-author of LexisNexis service on the Winding-up and Restructuring Act.
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Nortel Networks Corporation (Nortel Canada) is the Canadian parent company of what was one of the largest telecommunications businesses in the world. In early 2009, formal insolvency proceedings were commenced in Canada, the United States and England, among other places. 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.
On June 30, 2017, Stelco Inc. (Stelco), formerly U.S. Steel Canada Inc., emerged from Companies’ Creditors Arrangements Act (CCAA) proceedings through the implementation of a CCAA plan. This involved the compromise of more than $2 billion of debt and the restructuring of approximately $2 billion of pension and benefit obligations.