Irwin Toy Plans Implemented Under CCAA

Plans of compromise and arrangement for Irwin Toy Ltd., Irwin Toy USA, Inc. and Irwin International (Barbados) SRL were implemented under the Companies’ Creditors Arrangement Act on December 2, 2003, by Ernst & Young Inc. in its capacity as interim receiver.

The plans were approved by the companies’ creditors at meetings held on October 29, and subsequently sanctioned pursuant to orders obtained in the Superior Court of Justice and the US Bankruptcy Court, Southern District of Florida. In conjunction with the implementation of the plans, the interim receiver completed a transaction with Ivest Corporation Inc., returning to it as shareholder, control of Irwin Toy Ltd., thus generating additional proceeds for creditors.

E&Y and PricewaterhouseCoopers, in its capacity as monitor in the CCAA proceedings, was represented in Canada by McMillan Binch LLP, with a team led by Jeff Gollob and Neil Saxe, and included Stephanie Donaher, Ajay Singh, Kathy Martin and Adam Maerov (corporate restructuring), Paul Macdonald, Hilary Clarke and Brett Harrison (litigation), Mark Lobsinger and Jamie Wilks (tax), David Elenbaas (employment), Michael Peterson (environmental) and David Ross and Will Chang (real estate). In the US ancillary proceedings, E&Y and PwC were represented by Buchanan Ingersoll, PC, with a team that included Chris Schueller in Pittsburgh and Hans Beyer in Miami.

Ivest Corporation was represented by Torys LLP, with a team led by Michael Rotsztain, and included Jennifer Guerard and Alexandra Dostal (corporate restructuring), Corrado Cardarelli (tax) and Tycho Manson (litigation) in Toronto and Alison Bauer (corporate restructuring) in New York.

A group of major suppliers was represented by ThorntonGroutFinnigan LLP in Toronto, with a team that included Robert Thornton and Leanne Hoyles.
A majority of former Irwin Toy employees (three hundred) was represented by Andrew Hatnay of Koskie Minsky LLP in Toronto.