Cinram Sale Approved by Ontario Court of Justice13 Jul, 2012 By: Chris Tribbey
The Ontario Court of Justice has given its initial approval Cinram’s sale to Najafi Cos., with final approval by the court expected July 25.
Cinram also noted that its received support of the sale from nearly all of its credit lenders. The sale is expected to close in August.
“This is a significant milestone in our progress towards completion of the Sale Transaction and the strengthening of Cinram’s competitive position,” said Cinram CEO Steve Brown
Under the terms of the sale announced June 25, Najafi will purchase nearly all of the replicator’s businesses in North America and Europe.
Najafi Cos. owns Direct Brands, SkyMall, Trend Homes and other brands.
Cinram, which supplies and distributes discs for 20th Century Fox Home Entertainment and others, posted a net loss of $25.5 million for the first quarter of 2012 and has filed for bankruptcy protection.