Effective Nov. 21, CINAR Corp.’s suspension from access to Telefilm Canada financing has been lifted. The agreement represents the final step in reinstating CINAR’s eligibility for the full range of support and financing programs offered by Telefilm Canada.
Conditions of the agreement included the settlement of class action suits (still subject to court approval), the issuing of 2001 audited financial statements, the removal of principals Micheline Charest and Ron Weinberg from effective control of the company and the election of a new Board of Directors.
Under the terms of a June 21, 2001 Telefilm Canada decision, CINAR was entitled to obtain certification of eligible co-productions but remained suspended from access to Telefilm Canada financing for a period of five years commencing on Nov. 9, 1999. The term of the suspension was subject to review by Telefilm Canada upon application by CINAR.
CINAR is an integrated entertainment and education company involved in the development, production, post-production and worldwide distribution of programming and educational products for children and families.