19 September 2017

And They're In (Or, Call 'Em "Debts 'R' Us")

Toys 'R Us in bankruptcy, that is. I posted yesterday that about the likelihood that the toy retailer would go the Chapter 11 route but I didn't think it would happen only hours later. But it did. Read the news here.

For those who are interested, the largest unsecured creditor of Toys 'R Us is Bank of New York for a cool $208 million. Of course, BNY is acting as trustee for the bondholders whose notes are scheduled to come due in 2018, which Toys 'R Us knew it couldn't pay.

The leading trade creditors are Mattel ($135 million), Hasbro and Graco (tied at $59 million), and then a bunch of folks around the $30 million mark (Lego, Spin Master, and Just Play).

The first-day orders haven't been posted but I'll keep checking back.

No comments:

Post a Comment