Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Toys “R” Us Bankruptcy Bid Procedures Approved

0
0

The U.S. Bankruptcy Court approved Toys “R” Us, motion for entry of an order establishing bidding procedures and approving the sale of certain real property and leases.

As previously reported, “As the Debtors will no longer be operating stores at the Initial Closing Stores, the Debtors now seek entry of an order approving the Bidding Procedures to capitalize on those assets. In conjunction with the store performance analysis and Initial Store Closings, the Debtors and their affiliates also engaged Cushman & Wakefield and A&G to perform appraisals (the ‘Appraisals’) of their owned real property and unexpired real property leases (collectively, the ‘Real Estate Assets’).”

The motion continues, “The Bidding Procedures contemplate that the Debtors, in consultation with the Consultation Parties, would be authorized, but not obligated, in an exercise of their business judgment, to agree to reimburse the reasonable and documented out-of-pocket fees and expenses of one or more Qualified Bidder (each, an ‘Expense Reimbursement’), and/or agree to pay one or more Qualified Bidders a ‘work fee’ or other similar cash fee (each, a ‘Work Fee’) if the Debtors reasonably determine in their business judgment that any such Expense Reimbursement or Work Fee will encourage one or more parties to submit a Qualified Bid or result in a competitive bidding and Auction process.”

The order implements the following general timeline: March 26, 2018 deadline to submit qualified competing bids; a March 29, 2018 auction, if necessary, followed by an April 12, 2018 sale hearing.

Read more Toys “R” Us bankruptcy news.

The post Toys “R” Us Bankruptcy Bid Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images