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Toys “R” Us Bankruptcy Objection Filed

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The U.S. Trustee assigned to the Toys “R” Us case filed with the U.S. Bankruptcy Court an objection to the Company’s motion to retain Consensus Advisory Services and Consensus Securities as sale process investment banker.

The Trustee asserts, “While the Debtors are in the midst of winding-down their operations and have approximately $800 million in unpaid administrative claims, the Debtors propose to add an additional layer of administrative expense through the retention of another professional. The Consensus Application – if approved – would make the 35th retained professional in these cases – without even counting the multitude of counsel, financial advisors, and investment bankers for the different lender groups whose fees the Debtors are also shouldering. What is even more perplexing is that the Debtors propose to retain Consensus to serve as their sale process investment banker. Despite the creative and innovative title, the services that Consensus is being retained to provide in essence consist of helping with the sale of the Debtors’ Intellectual Property Assets.”

In addition, “The Debtors already retained Lazard Freres& Co. LLC (‘Lazard’) at the beginning of these cases to provide a broad array of investment banking services, including helping the Debtors with the marketing and sale of their assets. Without any indication that Lazard – who already stands to earn millions of dollars for any sale or partial sale transaction – cannot singularly perform the work that Consensus is now being hired to do, the Debtors seek approval of the Consensus Application proposing to add on to the hundreds of millions of dollars in professional fees that are already accumulating.”

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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