Mecachrome International Implements Restructuring Plan

The joint plan of arrangement and of reorganization of Mecachrome International Inc. and of its Canadian subsidiaries, under the Companies' Creditors Arrangement Act (CCAA) and the Canadian Business Corporations Act, was implemented on December 17, 2009. The implementation of the Canadian plan was dependent, amongst other things, on the approval of a plan de sauvegarde pursuant to the French Code du Commerce with respect to Mecachrome International Inc.'s French subsidiaries and refinancing of the business in France and in Canada. The exit financing and the reimbursement of interim financing was provided by the MecaDev S.A.S consortium, consisting of (i) ACE Management, manager of Aerofund, Aerofund II, (ii) the Solidarity Fund QFL, and (iii) le Fonds Stratégique d'Investissement, which invested approximately €62 million in Mecachrome (including an exit financing of €19 million) in exchange for 100 per cent of Mecachrome's shares.

McCarthy Tétrault LLP acted as Canadian counsel to Ace Management, Aerofund, Aerofund II (represented internally by Nicole Dahan), the Solidarity Fund QFL (represented internally by Laurent Themens, Jodi Lackman, Rui Barao and Liette Leduc), and le Fonds Stratégique d'Investissement (F.S.I.). McCarthy Tétrault's efforts were led by Patrick Boucher, Sylvain Vauclair and Mireille Fontaine, with assistance from George Maziotis, Marie-France Gagnon, Alain Tardif, Oliver Borgers, Julien Saulgrain and Laurent Levac. McCarthy Tétrault also originally advised the board of Mecachrome on various governance issues leading to the restructuring with a team led by Mason Poplaw and Clemens Mayr.

Joffe & Associés acted as French counsel to Ace Management, Aerofund, Aerofund II, the Solidarity Fund QFL and le Fonds Stratégique d'Investissement (F.S.I.). Joffe's efforts were led by Christophe Joffe and Thomas Lepeytre.

Ogilvy Renault LLP acted as counsel to Mecachrome (assisted internally by Jocelyn Côté) with a team composed of Sylvain Rigaud, Mario Forte, Virginie Gauthier and Louis Gouin (restructuring); Karine Fadous, Gillett Bradley, Christine Dubé, David Millette, Peter Wiazowski and Elliot Shapiro (corporate and commercial) and Lukasz Granosik (labour).

Ashurst LLP acted as French counsel to Mecachrome International. Ashurst's team was led by Jean-Pierre Farges and assisted by Pierre-Emmanuel Fender (restructuring); Diane Sénéchal (international finance); Yann Gozal (corporate) and Nadine Gelli (tax).

Stikeman Elliott LLP acted as counsel to Ernst & Young Inc. and Samson Bélair/Deloitte & Touche s.e.n.c.r.l., acting in their capacity as co-monitors, were represented by Jean Fontaine and Mélanie Béland.

Goodmans LLP acted as counsel to the Ad Hoc Committee of Noteholders with a team composed of Robert Chadwick, Brendan O'Neill, Melaney Wagner and Lauren Cappell (corporate and restructuring) and Fred Myers (restructuring litigation). Alvarez & Marsal (Europe) acted as financial advisor to the Ad Hoc Committee of Noteholders.