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Kaye Scholer Represented MAAX Corporation in Sale to Tricap Partners Ltd.

September 18, 2008

On September 18, 2008, MAAX, a leading North American manufacturer of award-winning bathroom products and spas for the residential housing market, sold substantially all of its assets to Tricap Partners Ltd. ("Tricap"), a private equity fund managed by Brookfield Asset Management.

In connection with the sale to Tricap, Kaye Scholer, acting as U.S. legal counsel, advised MAAX and its affiliates in developing a strategy that involved cross-border insolvency issues in Canada and the U.S. Following the signing of an agreement with Brookfield Bridge Lending Fund Inc. ("BBLF"), an affiliate of Tricap, whereby BBLF credit bid approximately $270 million for substantially all of MAAX's assets and the assumption of certain liabilities, MAAX and its Canadian subsidiaries filed for protection under the Companies' Creditors Arrangement Act in Montreal. After securing approval for its sale from the Canadian court, certain of MAAX's U.S. subsidiaries filed Chapter 15 bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware for recognition of the Canadian proceedings and to complete the sale.

Stephen C. Koval and Thomas Yadlon, both Partners in the Corporate & Finance Department, led the corporate team, and Michael B. Solow and D. Tyler Nurnberg, both Partners in the Business Reorganization and Creditors' Rights Practice Group, led the bankruptcy team.

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