Post by Admin on Aug 14, 2018 0:29:30 GMT
icv2.com/articles/news/view/41122/toys-r-us-creditors-get-22-cents-dollar
TOYS 'R' US CREDITORS TO GET 22 CENTS ON THE DOLLAR
Settling Dispute with Lenders
Posted by Milton Griepp on August 13, 2018 @ 1:20 am CT
The bankruptcy court supervising the Toys 'R' Us case has approved a settlement between the company, its creditors, and its lenders for the creditors to receive at least 22 cents for every dollar owed, according to the Wall Street Journal. The percentage applies to about $800 million in debt to vendors and other creditors, according to the report. The vendors and other unsecured creditors gave up the right to sue the secured lenders that pushed the company into bankruptcy (see "Toys ‘R’ Us Closing all US and UK Stores").
Publicly traded companies have already been writing off their Toys 'R' Us receivables, with Hasbro reporting a $59.1 million write-off with its Q1 report (see "Hasbro Sales Decline $133 Million in Q1").
Toys ‘R’ Us still has some assets to sell, including its Asian operations and the name and URLs, which will now go up for bid on September 26.
TOYS 'R' US CREDITORS TO GET 22 CENTS ON THE DOLLAR
Settling Dispute with Lenders
Posted by Milton Griepp on August 13, 2018 @ 1:20 am CT
The bankruptcy court supervising the Toys 'R' Us case has approved a settlement between the company, its creditors, and its lenders for the creditors to receive at least 22 cents for every dollar owed, according to the Wall Street Journal. The percentage applies to about $800 million in debt to vendors and other creditors, according to the report. The vendors and other unsecured creditors gave up the right to sue the secured lenders that pushed the company into bankruptcy (see "Toys ‘R’ Us Closing all US and UK Stores").
Publicly traded companies have already been writing off their Toys 'R' Us receivables, with Hasbro reporting a $59.1 million write-off with its Q1 report (see "Hasbro Sales Decline $133 Million in Q1").
Toys ‘R’ Us still has some assets to sell, including its Asian operations and the name and URLs, which will now go up for bid on September 26.