C International Income Fund Seeks Court Approval of Sale Proceeds Distribution and Related Relief
TORONTO, Oct. 15, 2012 /PRNewswire/ - C International Income Fund, formerly Cinram International Income Fund (together with its subsidiaries, the "Fund") announced today that in connection with the previously announced completed sale of substantially all of the Fund's assets and businesses in the United States and Canada (the "North American Sale Transaction") the Fund intends to bring a motion before the Ontario Superior Court of Justice (Commercial List) seeking approval of, among other things:
- a distribution of a portion of the sale proceeds from the North American Sale Transaction to the Fund's senior secured lenders;
- further future distributions of additional sale proceeds and funds available at the Fund to the Fund's senior secured lenders;
- the establishment of reserves for certain costs and expenses relating to, among other things, the completion of the Fund's proceedings under the Companies' Creditors Arrangement Act (the "CCAA Proceedings") and the completion of the sale of the Fund's European business to affiliates of Najafi Companies; and
- the release of claims against the Fund's former and current trustees, directors and officers.
In connection with the completion of the North American Sale Transaction and the transfer of the Fund's North American assets and businesses to affiliates of the Najafi Companies, the Fund's North American subsidiaries have changed their names to remove reference to "Cinram".
The Fund's motion is scheduled to be heard at 10 a.m. on October 19, 2012 at 330 University Ave, Toronto, Ontario. Information with respect to this motion and the CCAA Proceedings, including all court materials filed in connection therewith, will be available on the website of FTI Consulting Canada Inc., the Court-appointed Monitor of the Fund: http://cfcanada.fticonsulting.com/cinram/.
SOURCE Cinram International Income Fund