Share this on

Mega Brands recap approved by court

By Staff -- Gifts and Dec, 3/23/2010 8:28:00 AM

MONTREAL—Mega Brands has received court approval in Canada for its recapitalization transaction initiated on Jan. 14, 2010.

The final order approving the plan of arrangement under the Canada Business Corporations Act was granted yesterday in the Superior Court of Quebec. It allows the toymaker to proceed with the remaining steps towards the completion of the transaction, which include recognition of the Canadian proceeding in the U.S. and the satisfaction of customary closing conditions. Subject to the satisfaction or waiver of these remaining steps, the Corporation expects to complete the transaction on or about March 31, 2010.

Under the transaction, which was previously approved by overwhelming majorities of common shareholders and debtholders, Mega Brands will reduce its debt by approximately US$286.6 million and its annual interest expenses by approximately US$30.0 million.

Share this on

Talkback

We would love your feedback!

Mega Brands' shareholders approve recapitalization plan

Mar 16, 2010

Also by this author

»MORE

Featured Company

FurnitureCore.com

FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more