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Toys “R” Us Bid Procedures for Remaining Real Estate Assets Determined

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The U.S. Bankruptcy Court issued an order establishing bidding procedures for the remaining real estate assets of Toys Delaware. The order states, “If the Debtors do not receive a Qualified Bid as to a particular Remaining Real Estate Asset by the Bid Deadline, the Auction shall be cancelled or adjourned as to such asset. If the Debtors receive one or more Qualified Bids, the Debtors will conduct the Auction in accordance with the Bidding Procedures. At the Auction, each Qualified Bidder will be entitled, but will not be obligated, to submit overbids and will be entitled in any such overbids to credit bid all or a portion of the value of the secured portion of its claims, if any, within the meaning of section 363(k) of the Bankruptcy Code….In the event the Successful Bidder does not close for any given Remaining Real Estate Asset, the Debtors shall promptly file a supplemental notice on or before the Sale Closing Deadline, seeking to approve the sale to the Backup Bidder, if applicable, on expedited notice and a hearing….The Debtors shall seek approval of any Bid Protections at the Sale Hearing, provided, that, for the avoidance of doubt, the amount of the Breakup Fee shall not exceed three percent (3%) of any proposed Stalking Horse Bidder Purchase Price; provided further, that the Debtors will only select one Stalking Horse Bidder per Remaining Real Estate Asset.” The order approves the following general timeline: May 30, 2018 deadline to submit qualified competing bids; an auction, if necessary, would be conducted on June 11, 2018, followed by a June 13, 2018 notice of filing of successful and backup bidders.

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The post Toys “R” Us Bid Procedures for Remaining Real Estate Assets Determined appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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