Nortel Networks in Worldwide Insolvency Proceedings

January 14, 2009

Cleary Gottlieb is U.S. bankruptcy counsel to Nortel Networks Inc. and affiliates in their U.S. Chapter 11 proceedings, which are closely coordinated with proceedings in Canada, the United Kingdom and France. The company commenced proceedings in three jurisdictions on January 14, 2009. Filings were made in the District of Delaware, Ontario, and London in the United States, Canada and United Kingdom, respectively. Nortel’s goal is to effectively restructure and its normal day-to-day operations are expected to continue without interruption.

Nortel has been a client of Cleary Gottlieb for more than 20 years. In recent years, the firm has represented Nortel in a number of financing transactions and in its sale of assets related to Nortel’s UMTS access business to Alcatel-Lucent. The firm also advised Nortel on European aspects of its sale to Flextronics of manufacturing operations and related activities in Canada, Brazil, France and Northern Ireland.

A recognized leader in delivering communications capabilities across the world, Nortel does business in more than 150 countries.