December 21, 2017 / 2:15 PM / 8 months ago

UK pensions lifeboat to back Toys R Us UK restructuring

LONDON, Dec 21 (Reuters) - Britain’s pensions lifeboat said it would vote in favour of Toys R Us UK’s restructuring plan at a creditors meeting on Thursday after securing additional payments to the retailer’s pension fund.

The move by the Pension Protection Fund (PPF) means the creditors’ vote on Toys R Us UK’s Company Voluntary Arrangement (CVA) is likely to be passed, enabling the retailer to stave off administration.

The PPF said Toys R Us UK had agreed to pay 9.8 million pounds ($13.1 million) into the pension plan.

Earlier this week the PPF said it would vote against the plan but changed its position after talks. ($1 = 0.7492 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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