Shearman & Sterling is U.S. counsel to Cinram International ULC, the authorized foreign representative for Cinram International Inc. and certain of its affiliates in chapter 15 bankruptcy proceedings commenced in the District of Delaware. The Cinram Group is one of the largest providers of pre-recorded multimedia products and related logistics services.
On July 25, 2012, the Bankruptcy Court granted orders recognizing the Cinram Group’s proceedings commenced under Canada’s Companies’ Creditors Arrangement Act as foreign main proceedings and approving the sale of substantially all of the assets used in connection with the business carried on by the Cinram Group in North America to an affiliate of the Najafi Companies. Subject to the completion of certain French regulatory requirements, Najafi will also acquire 100% of the equity interests in a Netherlands-based Cinram Group affiliate, which directly and indirectly owns 100% of the Cinram Group’s European affiliates. The combined purchase price for the asset sale and share sale transactions is $82.5 million. The global sale transaction is supported by 100% of the Cinram Group’s first lien lenders and 98% of its second lien lenders.
The Shearman & Sterling team includes partner Douglas Bartner (New York-Bankruptcy & Reorganization), counsel Jill Frizzley (New York-Bankruptcy & Reorganization), and associates Robert Britton (New York-Bankruptcy & Reorganization), Richard Facundo (New York-Bankruptcy & Reorganization) and Leticia Olivera (New York-Bankruptcy & Reorganization).
