Cinram International Income Fund announced that the majority of its lenders support its proposal to amend certain terms of its senior secured credit agreements.
For more information visit: www.cinram.com
Edited press release follows:
Cinram Announces Lender Support of Amendment to its Credit Agreements
TORONTO, Aug. 12, 2011 – Cinram International Income Fund (TSX: CRW.UN) (together with its subsidiaries, “Cinram” or the “Fund”) today announced that it has achieved near unanimous support from its first lien and second lien lenders for its previously announced proposal to amend certain terms of its senior secured credit agreements (the “Amendments”).
“The amendments are a very significant and positive event for Cinram, and we are grateful for the overwhelming support of our lenders. With these arrangements in place Cinram can continue with its focus on growing and strengthening our business,” said Steve Brown, CEO of Cinram.
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is one of the world’s largest providers of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, Blu-ray discs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiaries. The Cinram group of companies now also incorporates 1K Studios, a digital media firm based in Los Angeles specializing in building enhanced consumer experiences for movies, TV shows, music, books and games. The Fund’s units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit www.cinram.com.