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DVD manufacturer Cinram sold to Najafi Companies under <i>CCAA</i> protection
July 4 2012, Cassels Brock & Blackwell LLP
Cinram International Income Fund (TSX: CRW.UN), a Canadian company that is one of the world’s largest providers of multi-media products, has agreed to sell virtually all of its assets and businesses in the United States, Canada, the United Kingdom, France and Germany to Najafi Companies after obtaining creditor protection under the Companies’ Creditors Arrangement Act (CCAA).
On June 25, 2012, the Cinram group obtained an Initial Order under the CCAA in the Ontario Superior Court of Justice (Commercial Division), 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….”