MONTREAL, Aug. 6 /CNW Telbec/ - MAAX Corporation (the "Company")
announced today that the Courts in both Canada and the United States have
approved the MAAX sale transaction to Brookfield Bridge Lending Fund Inc.
("Brookfield"). Court approval of the transaction was the final key condition
in advance of the closing of the transaction.
Under the sale transaction announced on June 12, 2008, Brookfield will
purchase substantially all of the assets and property of MAAX Corporation,
continue to employ substantially all of the Company's employees and will
continue to fulfill the Company's obligations to its customers and suppliers.
The transaction was approved by the Quebec Superior Court (Commercial
Division) on July 10, 2008 and by the United States Court for the District of
Delaware on August 6, 2008.
"This is a significant milestone in our progress toward a successful
recapitalization and a positive future for MAAX and its stakeholders," said
Paul Golden, President and CEO, MAAX Corporation. "A completed sale
transaction will provide us with dedicated new ownership, a strong balance
sheet and greater financial flexibility. This will enable us to focus on
executing our business strategy, building on our reputation for innovation,
and increasing our position of leadership in the marketplace. We look forward
to working with Brookfield and we face the future with confidence."
MAAX Corporation is a leading North American manufacturer of
award-winning bathroom products, and spas for the residential housing market.
The Company is committed to offering its customers an enjoyable experience:
distinctive, stylish and innovative products and the best customer service
practices in the industry. MAAX offerings are available through plumbing
wholesalers, bath, and spa specialty boutiques and home improvement centers.
The corporation employs over 2000 people and currently operates 15
manufacturing facilities and independent distribution centers throughout North
America and Europe. Visit us at www.maax.com.
For further information:
For further information: MAAX Corporation: Stéphanie Jarrold, Corporate
Director, Communications, Cell: (514) 705-4905, (514) 844-4155 ext. 242,