Osler Update: MEGA Brands Inc.: The Canada Business Corporations Act Provides an Innovative Approach to Balance Sheet Restructuring and a Landmark Result

On March 22, 2010, the Superior Court of Quebec approved a plan of arrangement under the Canada Business Corporations Act that allowed a corporation, MEGA Brands Inc., to achieve a worldwide restructuring of its business under a corporate statute, rather than a more typical insolvency and restructuring statute like the Companies Creditors’ Arrangement Act.
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