Mitel, Lenders Prevail in Appeal Over Debt Restructuring Deal

Canadian telecommunications firm Mitel Networks won approval from a New York appeals court of a controversial 2022 debt exchange challenged by lenders left out of the deal.

Searchlight Capital Partners LP-backed Mitel and a large group of Wall Street firms that participated in the distressed debt deal, including Credit Suisse AG and funds managed by Apollo Global, didn’t breach a 2018 creditor agreement or violate the rights of lenders whose loans were subordinated following the transaction, the Supreme Court of the State of New York Appellate Division, First Judicial Department ruled Tuesday. The deal resulted in more than $850 million ...