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N REMAINSOF THE DAY I Nortel is essentially gone but not forgotten as it continues to wind its way through myriad court and bankruptcy proceedings. By Daryl-Lynn Carlson t was a Canadian icon and global trailblazer, then it took a turn for the worse that reverberated around the world. The Nortel Networks Corp. insolvency will be one of the most protracted and complicated undertakings for all of the lawyers and financial professionals involved, but when it is finally resolved, it will indeed set a new model for multinational com- panies facing financial difficulty. Nortel, headquartered in Toronto, was a telecommunications giant that had grown to establish a presence in upwards of 70 countries and signifi- cantly diversified its product line. At its height, the company employed more than 32,000 people worldwide, and had more than 140 affiliates in 150 countries. But on Jan. 14, 2009, and attributing it to the recession, Nortel filed for bankruptcy protec- tion under the Companies' Creditors Arrangement Act in Canada, Chapter 11 of the United States Bankruptcy Code, and in the United Kingdom under the Insolvency Act. But the telecom giant failed to recover and liquidation and insolvency proceed- ings are now underway involving as many as 40 law firms around the world and rendering the company the largest to liquidate in Canada's history, if not the world. www.CANADIAN Lawyermag.com A PRIL 2011 29 PIERRE-PAUL PARISEAU