Immersive Attraction Maker Simex Files Bankruptcy in Canada, US

Simex Inc., a Canadian company that develops immersive theaters and themed attractions based on SpongeBob SquarePants and other characters, has sought creditor protection in its home country and Delaware, and will seek to restructure.

• Simex sought Chapter 15 protection on Thursday in Wilmington, Delaware, days after filing a form of Chapter 11 in Toronto, according to court documents
  • Chapter 15 is a type of bankruptcy that protects foreign firms’ US assets during a cross-border restructuring
• Royal Bank of Canada has offered to fund the restructuring with a $600,000 debtor-in-possession loan, court papers say
• The Canadian court appointed Deloitte Restructuring ...