Toys “R” Us filed with the U.S. Bankruptcy Court a motion for entry of interim and final orders authorizing the North American Debtors to obtain post-petition financing and use cash collateral, granting liens and providing super-priority administrative expense status, granting adequate protection to the pre-petition lenders, modifying the automatic stay and scheduling a final hearing.
The motion explains, “The Debtors commenced these cases with firm commitments for approximately $3,125 million of combined postpetition financings to support their North American and international businesses at the most capital intensive – and important – time in the Debtors’ fiscal year. This Motion is limited to approval of approximately $2,750 million of postpetition financing and related relief to support the North American Debtors’ business in the United States and Canada, consisting of: (a) $1,850 million of revolving commitments under the proposed ABL/FILO Revolving DIP Facility; (b) $450 million of ‘first in last out’ term loan financing under the North American Debtors’ ABL/FILO Term DIP Facility; and (c) $450 million of term loan financing under the North American Debtors’ proposed Term DIP Facility.”
The Company also filed a separate motion seeking the same approval for its Tru Taj Debtors. That motion explains, “The Debtors commenced these cases with firm commitments for approximately $3,125 million of combined postpetition financings to support their North American and international businesses at the most capital intensive, and important, time in the Debtors’ fiscal year. This Motion is limited to approval of approximately $375 million of postpetition financing and related relief to support the Debtors’ international business and help fund the administrative expense of these chapter 11 cases.”
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