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Cinram International Inc., Cinram International Income Fund, and the Applicants

On June 25, 2012, Cinram International Inc., Cinram International Income Fund, CII Trust and those of its subsidiaries as listed in Schedule “A” to the Initial Order (collectively the "Applicants") obtained an Initial Order (the “Initial Order”) under the Companies’ Creditors Arrangement Act (the “CCAA”). The Applicants were granted a stay of proceedings and other relief provided under the CCAA, which was extended to Cinram International Limited Partnership (“Cinram LP”, and together with the Applicants, the “CCAA Entities”). Pursuant to the Initial Order, FTI Consulting Canada Inc. (“FTI” or the “Monitor”) has been appointed Monitor.

Following entry of the Initial Order of the Canadian Court in the CCAA Proceeding, each of the Applicants filed voluntary petitions under chapter 15 of title 11 of the United States Code, as amended (“Chapter 15”) in the United States Bankruptcy Court for the District of Delaware (the “U.S. Court”) seeking, among other things, recognition of the CCAA Proceeding as the “foreign main proceeding” for the reorganization of the Debtors’ estates. The Canadian Court named Cinram International ULC as the foreign representative of the Debtors for purposes of commencing and administering the Chapter 15 proceedings.

On October 19, 2012, FTI Consulting Canada Inc. was appointed as receiver (the "Receiver") pursuant to an Order of the Ontario Superior Court of Justice over the Limited Receivership Property of Cinram International Inc. ("CII") in relation to business being carried on by CII. Please refer to the 'CII Limited Receivership' section located in the menu to the left for further information.

On August 31, 2012, the Applicants closed the sale of their North American assets and business to Cinram Group Inc. (the “Purchaser”). On February 5, 2013, the C International Inc (formerly Cinram International Inc) and 13628066 Ontario Limited (the “Share Sellers”) completed the sale of their European business to the Purchaser. The Monitor, in coordination with the advisors to the Senior Secured Lenders, continue to administer and deal with the Excluded Assets of the North American business. There is no claims process for unsecured creditors contemplated at this time, and following the sale of the Applicant’s North American business and assets on August 31, 2012, it is unlikely there will be one in the future.

On December 5, 2013, the Ontario Supreme Court of Justice approved an Order granting an extension of the Stay Period (as defined in the Initial Order) to 11:59 p.m. on June 6, 2014.

Further details relating to this case may be accessed using the menu to the left or by contacting:
Michael Kennedy
Cinram@fticonsulting.com
Toll Free: 1-855-718-5255
Local: 416-649-8096

Contact FTI

FTI Consulting
TD Waterhouse Tower
79 Wellington Street West
Suite 2010, P.O. Box 104
Toronto, Ontario M5K 1G8

Useful Links

FTI Consulting
Office of the Superintendent of Bankruptcy Canada
Wage Earner Protection Program
www.cinram.com/
www.kccllc.net/cinram