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Mega receives court approval for recapitalisation - ToyNews

Mega receives court approval for recapitalisation

The final order approving the plan under the Canada Business Corporations Act has been granted.
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The approval was made in the Superior Court of Quebec and allows the firm to proceed with the remaining steps towards the completion of the transaction, which include recognition of the Canadian proceeding in the US and the satisfaction of customary closing conditions.

Subject to the satisfaction or waiver of these remaining steps, Mega expects to complete the transaction on or about March 31st, 2010.

Under the transaction, which was previously approved by common shareholders and debtholders, the company will reduce its debt by approximately $286.6 million and its annual interest expenses by approximately $30 million.

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