Canadian Toy Maker Mega Brands Files Ch. 15 Petition

By Hilary Russ

Law360, New York (February 19, 2010, 4:54 PM ET) -- Montreal-based toy maker Mega Brands Inc. has filed a Chapter 15 petition seeking recognition in the U.S. for its recapitalization in Canada, saying it has been suffering due to declining sales, several charges and write-offs, and negative publicity amid product recalls.

The petition, filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, also lists nine subsidiaries — including Rose Moon Inc., Warren Industries Inc., Mega Brands America Inc., and Mega Bloks Financial Services Inc.

As of Jan. 31, the company owed about $344...
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