Toys “R” Us filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including July 15, 2018 and September 13, 2018, respectively.
The motion explains, “An extension of the Exclusivity Periods will provide the Debtors with additional time to prepare for, begin the plan negotiation process, and ultimately implement a value-maximizing restructuring. The Debtors have initiated this process and made substantial progress to date – they are working to finalize their real estate analysis and business plan – and have begun negotiations and discussions with their stakeholders. But there is much more to be done. The Debtors will use the additional time provided by the extension of the Exclusivity Periods to finalize their analyses, further discussions regarding their restructuring strategy, and engage in the multiparty negotiations that will ultimately result in the stakeholders coalescing around a consensual plan of reorganization and emergence capital structure. Significantly, the extension of the Exclusivity Periods contemplated herein will allow the Debtors to emerge from chapter 11 prior to the next holiday season.”
In addition, “This is in the best interests of the company and all of the Debtors’ stakeholders. The Debtors believe that the collaborative efforts of stakeholders to date in these chapter 11 cases will continue into the restructuring discussions and chapter 11 plan negotiation process and will help the Debtors to accomplish a consensual restructuring on this timeline.” The Court scheduled a December 19, 2017 hearing to consider the motion.
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