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Paul, Weiss represented Mitel Networks Corporation, a global leader in business communications, in its successful chapter 11 process. The company emerged with its debt trimmed by $1.15 billion, its annual interest payments reduced by about $135 million and approximately $125 million of new funding to support its future operations. Mitel is now owned by its former lenders.

Mitel filed its voluntary prepackaged plan of reorganization on March 10 with $1.3 billion in debt following impacts from COVID-19, historically high interest rates and other factors. U.S. Bankruptcy Judge Christopher Lopez confirmed the plan on April 17 after overruling an objection from the U.S. Trustee. The plan implemented a settlement of pending state court litigation with certain lenders who challenged Mitel’s March 2022 uptier transaction and the equitization of $1.3 billion of prepetition secured debt.

The Paul, Weiss team including restructuring partners and Paul Basta, and counsel Douglas Keeton; tax partners Robert Holo and Timothy Lowe; corporate partners Dan Schuster-Woldan and Daniel Fuschillo; and antitrust counsel Sophie Chen.