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. In Canada, 360networks was represented by Fasken Martineau DuMoulin LLP and assisted by Michael MacNaughton and John Marshall of Borden Ladner Gervais LLP in Toronto for Ontario insolvency issues.