Montreal toy maker Mega Brands Inc. is seeking a U.S. court's protection while it completes a previously announced refinancing.

The plan calls for Mega Brands to reduce its debt by about $286.6 million US by using money raised from the issue of additional shares.

The plan also requires approvals from debtholders and shareholders.

Mega Brands announced Friday that it has initiated "ancillary proceedings" to obtain recognition of the transaction in the United States.

Separate meetings of shareholders and debtholders are to be held March 16.

Mega Brands makes such popular toys as Mega Bloks, Dora the Explorer and Go Diego Go!