Najafi Companies Complete Acquisition of North American Assets and Business of Cinram
|Areas||Commercial Real Estate, Competition, Antitrust and Foreign Investment, Corporate Restructuring, Intellectual Property , REITs and Income Securities, Tax|
Goodmans represented C International Income Fund (formerly Cinram International Income Fund, together with its subsidiaries, the "Fund") in connection with the sale of substantially all of the Fund’s assets and businesses in the United States and Canada to newly formed affiliate of Najafi Companies (“Najafi”). The transaction was implemented as a sale proceeding under the Companies' Creditors Arrangement Act (CCAA) (with recognition proceedings commenced under Chapter 15 of the United States Bankruptcy Code), and was a result of the Fund’s implementation of a review of strategic alternatives in September of 2011.
Under the transaction, Najafi purchased substantially all of the assets used in the Fund’s core businesses of the manufacture of pre-recorded multimedia products and the provision of related logistics services, digital media solutions and outsourced vendor management inventory services in North America. The Fund expects to complete the previously announced sale of substantially all of its European assets and businesses to affiliates of Najafi in the fourth quarter of 2012. The new organization will continue to be known and conduct business as “Cinram.” The Fund has retained ownership of certain assets, including the assets used in the Fund’s telecommunications products logistics services and certain real estate assets.