360 Networks GT Group Telecom

Vancouver-headquartered 360networks Corporation acquired the operating subsidiaries of GT Group Telecom, one of Canada's largest independent, competitive telecommunications service providers, creating one of Canada's largest, full-service competitive telecommunications companies. The deal closed on February 4, 2003.

The acquisition occurred at the conclusion of GT's reorganization under the Companies' Creditors Arrangement Act (CCAA) in 2002, with GT completing its reorganization and emergence from CCAA court protection effective with the closing of the acquisition. Under the terms of the acquisition, the GT creditors received a cash distribution in excess of $250 million.

360networks was represented by in-house counsel Lin Gentemann, and by Rose Oushalkas and David Klassen in Toronto. In Canada, 360networks was represented by Fasken Martineau DuMoulin LLP with a team that included Michael Fitch, Q.C. (restructuring, CCAA), Peter Finley (corporate), Bruce Tattrie (corporate, telecommunications) and Brent Lewis (corporate), assisted by lawyers in Vancouver; by Michael MacNaughton and John Marshall of Borden Ladner Gervais LLP in Toronto for Ontario insolvency issues; and by Kirsten Embree, Peter Glossop, Shuli Rodal and Monica Song of Osler, Hoskin & Harcourt LLP for telecommunications regulatory and competition law advice. In the U.S., 360networks was represented by Alan Lipkin and Steve Wilamowsky of Willkie Farr & Gallagher.

GT was represented by in-house counsel Mark Hemingway, with James Scarlett, Tony DeMarinis, Scott Bomhof, Jamie Feehely and Michael Pickersgill of Torys LLP in Toronto and Bill Gray in New York working under his direction.

The monitor, PricewaterhouseCoopers Inc. was represented by Geoff Morawetz, Candy Schaffel, Robert Chadwick and David Bish of Goodmans LLP in Toronto, and in the U.S., by Rochelle Weisburg, Robert Schwartz and Jeffrey Cymbler of Angel & Frankel, P.C. The senior lenders were represented by Kevin McElcheran of Blake, Cassels & Graydon LLP, Sheryl Seigel of Fasken Martineau DuMoulin in Toronto and Ross Walker of Fraser Milner Casgrain LLP.