Published: September 27, 2017

TRU Creditors’ Committee Named

The Official Committee of Unsecured Creditors of Toys “R” Us, and the affiliated debtors in possession, was appointed yesterday by the United States Trustee in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, VA.

The companies on the committee include Mattel, LEGO, the Huffy Corporation, and the Evenflo Company. The creditors from the real estate sector are KIMCO Realty and the Simon Property Group. The BNY Mellon will serve as the trustee for the Bond Holders. Additional companies include Veritiv Operating Company and Euler Hermes North America Insurance Co. Banker selection was not made, but is expected to be announced later this week. Kramer Levin will serve as attorneys for the Creditors’ Committee.

TRU and its debtor affiliates have also filed applications to employ and retain Alvarez & Marsal North America as restructuring advisors, Lazard Frères & Co. LLC as investment banker, Kirkland & Ellis LLP and Kirkland and Ellis International as attorneys, A&G Realty Partners as real estate consultant and advisor, and Kutak Rock as co-counsel.

As previously announced on September 18, Toys “R” Us and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia. In addition, the Company’s Canadian subsidiary sought and was granted protection in parallel proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) in the Ontario Superior Court of Justice. TRU intends to use these court-supervised proceedings to restructure its outstanding debt and establish a sustainable capital structure that will enable it to invest in long-term growth and fuel its aspirations to bring play to kids everywhere and be a best friend to parents.

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