Cinram Resignations Shakes Up Board of Trustees
The Canadian replicator moves to rejig its board after a credit amendment proposal to its lenders.
TORONTO -- Canadian pre-recorded media maker and distributor Cinram International Income Fund has started taking the broom to its board of trustees.
James MacDonald, Robert Normandeau and Andrew Brenton have resigned as trustees after four years on the board, and will be shortly replaced with independent trustees.
A rejig of its board of trustees follows Toronto-based Cinram last week seeking amendments to its senior credit agreements from its lenders.
Cinram also last week revealed a widened second quarter loss after a key contract with Warner Home Video ended and the Canadian company continues to absorb sliding sales of DVD units in a volatile home entertainment market.