MEGA Brands seeks recognition of Canadian restructuring proceeding

By Caroline Salls

Pittsburgh, Feb. 19 - MEGA Brands Inc. said it has launched ancillary Chapter 15 recognition proceedings in the U.S. Bankruptcy Court for the District of Delaware in an effort to obtain recognition and enforcement of its Canada Business Corporations Act case, according to a company news release.

The company refuted reports that it had filed for bankruptcy protection in the United States and said it has not sought a stay against any parties.

MEGA Brands is a Montreal-based manufacturer of construction toys, games, puzzles, arts and crafts and stationery. The Chapter 15 case was filed on Feb. 18. The case number is 10-10485.

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