December 21, 2017 / 2:21 PM / a year ago

UK pensions lifeboat to back Toys 'R' Us UK restructuring

FILE PHOTO: A Toys 'R' Us store is seen, in Hayes, Britain, December 2, 2017. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - Britain’s pensions lifeboat said it would vote in favor 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.

Reporting by James Davey, Editing by Paul Sandle

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