Herbert Smith wins global role on Nortel collapse
Herbert Smith has won the lead role on the administration of the UK subsidiary of telecoms manufacturer Nortel, a deal which will see the UK firm representing the company throughout 18 jurisdictions. The firm was appointed by administrators Ernst & Young after it had been advising Nortel on pre-administration matters.
January 19, 2009 at 12:25 PM
2 minute read
Herbert Smith has won the lead role on the administration of the UK subsidiary of telecoms manufacturer Nortel, a deal which will see the UK firm representing the company throughout 18 jurisdictions.
The firm was appointed by administrators Ernst & Young after it had been advising Nortel on pre-administration matters.
The administration order includes entities from across Europe and the Middle East, including France, Germany, Spain and Sweden.
Toronto-based Nortel is one of the world's biggest manufacturers of telephone equipment and employs approximately 30,000 people worldwide, with 2,000 in the UK.
Herbert Smith fielded a team of 50 UK-based lawyers headed up by restructuring partners Stephen Gale and Laurence Elliott, corporate partners Gavin Davies and Alan Montgomery, pensions partner Roderick Morton and employment partner Andrew Taggart.
Matters in New York are being handled by US firm Cleary Gottlieb Steen & Hamilton with restructuring partners Jim Bromley and Lisa Schweitzer leading the team.
Leading Canadian firm Ogilvy Renault is advising longstanding client Nortel on all local matters, with Derrick Tay, the head of the firm's insolvency and restructuring team, and partner Michael Lang leading.
Gale commented: "It is a privilege to work on such a global transaction. The UK filings probably represent the most extensive use of the jurisdiction of the English court over European companies on the basis that their centre of main interest was here."
"We are working with Cleary, Ogilvy and the company in North America to work towards a global solution to Nortel's problems," he added.
The firm is working closely with alliance firm Gleiss Lutz in Germany and the Netherlands and around 20 law firms across the Europe, Middle East and Africa region.
Nortel UK filed for administration on Wednesday (14 January) after the parent company filed for bankruptcy protection in Canada and US entities filed a petition under the Chapter 11 bankruptcy code which allowed the company to continue trading.
Herbert Smith recently landed a role advising Ernst & Young on the collapse of London and Toronto-listed oil company Oilexco.
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