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ARTICLE · 13 JULY 2012

Canada’s Cinram Manufacturing Files In CCAA

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Cinram International Income Fund has sought and obtained protection under the "Companies' Creditors Arrangement Act" (CCAA).

CanadaInsolvency/Bankruptcy/Re-Structuring
Joseph Bellissimo
Joseph Bellissimo
John Birch
John Birch
Erin Craddock
Erin Craddock
Larry Ellis
Larry Ellis
Deborah Grieve
Deborah Grieve
Rishi Hargovan
Rishi Hargovan
Bruce Leonard
Bruce Leonard
Eleonore Morris
Eleonore Morris
David Ward
David Ward
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Cinram International Income Fund (TSX: CRW.UN), a Canadian company that is one of the world's largest providers of multi-media products, has sought and obtained protection under the Companies' Creditors Arrangement Act (CCAA). The company proposes to sell its assets and businesses in the United States, Canada, the United Kingdom, France and Germany to Najafi Companies.

On June 25, 2012, the Cinram group obtained an Initial Order under the CCAA in the Ontario Superior Court of Justice (Commercial List), granting the companies a stay of proceedings from legal actions by their creditors.

Once the Initial Order was granted, the companies applied in the United States Bankruptcy Court in Delaware for recognition of the CCAA proceeding as the "foreign main proceeding" for the reorganization of the companies. Chapter 15 of the US Bankruptcy Code allows foreign companies reorganizing abroad to protect their assets from creditors and lawsuits in the US.

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