Disc Maker Cinram Files For Bankruptcy
Toronto-based Cinram International makes and distributes pre-recorded DVDs, Blu-ray discs, audio CDs, and CD-ROMs for movie studios, music labels, publishers and software companies and shipped 881 million units to U.S. retailers in 2009, Bloomberg reports. It announced today that it is selling almost all of its assets to newly formed Najafi Cos and filed Chapter 15 papers in U.S. Bankruptcy Court, as did several subsidiaries. The company, which has 20 facilities in North America and Europe, can produce up to 2.1 billion DVDs, 55 million Blu-rays and 500 million CDs each year, its website says. Operations are expected to continue “in the normal course”, Cinram CEO Steven Brown said today in a letter to investors and customers. The courts must approve the sale of the U.S. and Canadian assets to Najafi, which also intends to bid on the European operations. “Cinram is a market leader in its industries with a long track record of best in class performance,” said Jahm Najafi, Najafi Cos’ CEO. “We look forward to a seamless transition for our customers, and to build on Cinram’s significant base of strengths and expertise.”
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