August 28, 2018 / 11:51 PM / 2 months ago

Bankruptcy watchdog objects to Chapter 11 plan for Toys 'R' Us units

The U.S. Trustee’s Office has said that Toys ‘R’ Us Inc’s proposed plan to wrap up the bankruptcies of two of its units should be rejected because of the way it deals with priority claims from creditors, added since the toy-store chain filed its Chapter 11 petition last September.

The federal bankruptcy watchdog in papers filed on Monday in U.S. Bankruptcy Court in Richmond, Virginia, argued the plan for Toys ‘R’ Us-Delaware and Geoffrey Holdings LLC cannot be approved because it does not pay administrative claimants including vendors in full.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2wmZdQN

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