Cinram International Inc., a maker and distributor of pre-recorded media products, sought bankruptcy protection from creditors in the U.S., after reaching a deal to sell virtually all its assets to units of Najafi Cos., Bloomberg News reported yesterday. The Toronto-based company filed chapter 15 court papers yesterday listing more than $500 million in debt and as much as $50 million in assets. Eight affiliates also sought court protection. Cinram has reached an agreement to sell almost all its assets to Najafi affiliates for an undisclosed amount. Cinram's wireless business and certain real estate assets will be excluded from the sale, which is expected to close by August.
