Court Approves Distribution of Cinram Sale Proceeds and Related Relief

Oct 22, 2012, 11:07 ET from Cinram International Income Fund

TORONTO, Oct. 22, 2012 /PRNewswire/ - C International Income Fund, formerly Cinram International Income Fund (together with its subsidiaries, the "Fund") announced today that in connection with the sale of substantially all of the Fund's assets and businesses in the United States and Canada (the "North American Sale Transaction") completed on August 31, 2012, and the motion brought by the Fund before the Ontario Superior Court of Justice (Commercial List) on October 19, 2012 (the "Distribution Motion"), the Court approved, 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 and the completion of the sale of the Fund's European business; and
  • the release of claims against the Fund's former and current trustees, directors and officers.

In connection with the Distribution Motion, a comeback hearing has been scheduled with the Ontario Superior Court of Justice (Commercial List) for November 2, 2012 at 330 University Ave, Toronto, Ontario.  Information with respect to the Distribution Motion, the comeback hearing 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:

SOURCE Cinram International Income Fund