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Toys “R” Us Bankruptcy Objection Filed

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The U.S. Trustee (UST) assigned to the Toys “R” Us case filed with the U.S. Bankruptcy Court an objection to Debtors Geoffrey and Geoffrey Holdings’ motion to retain Chilmark Partners as financial advisor.

The objection asserts, “The UST objects to the Chilmark Application and proposed order approving same because Chilmark is not disinterested and may have an adverse interest to the Geoffrey Debtors. In fact, David Schulte, the Disinterested Manager of the Geoffrey Debtors, is a member of Chilmark. According to Chilmark’s website, David Schulte has been Chilmark’s managing general partner and the head of Chilmark’s restructuring advisory services and principal investing activities since 1984.”

In addition, “Mr. Schulte is also the managing general partner of Chilmark Fund II and was one of two individuals who acted as the general partner of the Zell/Chilmark Fund when it was formed in 1990. As such, Chilmark does not pass muster under the requirements of 11 U.S.C. section 327(a) as it is not disinterested.”

Read more Toys “R” Us bankruptcy news.

The post Toys “R” Us Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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