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Mega Brands takes pre-emptive step in U.S. Add to ...

Financially troubled Mega Brands Inc. has filed a proceeding in a Delaware bankruptcy court that seeks to extend to the U.S. the terms of its Canadian restructuring plan. The Montreal-based company said the filing is a routine measure that is standard in situations where a Canadian company that has operations in the U.S. enters into a recapitalization transaction under the Canada Business Corporations Act. Mega Brands said yesterday it is on schedule for a special meeting next month of shareholders and debt-holders to vote on the proposed restructuring. MB (TSX) fell 6 cents to 58 cents.

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