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Mecachrome International completes restructuring

Date Closed

September 1, 2009

Lead Office

Montréal

On August 4, 2009, the recovery plan of the Mecadev SAS consortium received the support of creditors representing 99.5% of monies owed and 92.7% of the total number of creditors of Mecachrome International Inc. (“Mecachrome”) in the context of its Companies’ Creditors Arrangement Act (“CCAA”) proceedings. The recovery plan was homologated on September 1, 2009 by the Superior Court of Québec. Consequently, the Mecadev SAS consortium, consisting of (i) ACE Management, manager of Aérofund I, Aérofund II, (ii) the Solidarity Fund QFL, and (iii) le Fonds Stratégique d`Investissement, will invest approximately $62 million Euros in Mecachrome (including the exit financing of $22 million Euros) in exchange for 100 % of Mecachrome’s shares when it emerges from CCAA proceedings.

 McCarthy Tétrault represented ACE Management with a team that was led by Mireille Fotaine.

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