Toys”R”Us, Inc. Commences Court-Supervised Processes to Implement Financial Restructuring

Toys”R”Us, Inc. Commences Court-Supervised Processes to Implement Financial Restructuring

Canada NewsWire

Files Voluntary Chapter 11 Petitions in U.S. and Intends to Seek Protection under CCAA in Canada;
Operations Outside U.S. and Canada Not Included in Proceedings

Toys”R”Us and Babies”R”Us Stores and Web Stores across the World are Open
and Continuing to Provide World-Class Experiences for Customers

Restructuring Process Expected to Enhance Financial Flexibility for
Investments in Growth Initiatives

Company
Receives Commitment of Over $3.0 Billion in Debtor-in-Possession Financing to Support Operations

WAYNE, N.J., Sept. 18, 2017 /CNW/ — Toys”R”Us, Inc. (“the Company”) today announced that the Company and certain of its U.S. subsidiaries and its Canadian subsidiary have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, VA. In addition, the Company’s Canadian subsidiary today intends to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) in the Ontario Superior Court of Justice. The Company intends to use these court-supervised proceedings to restructure its outstanding debt and establish a sustainable capital structure that will enable it to invest in long-term growth and fuel its aspirations to bring play to kids everywhere and be a best friend to parents.

The Company’s operations outside of the U.S. and Canada, including its approximately 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings.

The Company’s approximately 1,600 Toys”R”Us and Babies”R”Us stores around the world – the vast majority of which are profitable – are continuing to operate as usual, providing customers with great service and a curated assortment of merchandise in the toy and baby categories. Customers can also continue to shop for the toy and baby products they are looking for online on the Company’s newly launched www.toysrus.com and www.babiesrus.com web stores. Customers should expect the Company’s loyalty programs, including its Rewards”R”Us, Geoffrey’s Birthday List and Babies”R”Us Registry, to continue as normal.

“Today marks the dawn of a new era at Toys”R”Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way,” said Dave Brandon, Chairman and Chief Executive Officer. “Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide. We are confident that these are the right steps to ensure that the iconic Toys”R”Us and Babies”R”Us brands live on for many generations.”

Mr. Brandon continued, “As the holiday season ramps up, our physical and web stores are open for business, and our team members around the world look forward to continuing to put huge smiles on children’s faces. We thank our vendors for their ongoing support through this important season and beyond. We also appreciate the strong support our investors have provided over time and the constructive role they are playing in this process that will allow us to create a brighter future for our company. And as importantly, we thank our team members in advance for their hard work and dedication to serving the millions of customers who will shop with us this holiday.”

The Company has received a commitment for over $3.0 billion in debtor-in-possession (“DIP”) financing from various lenders, including a JPMorgan-led bank syndicate and certain of the Company’s existing lenders, which, subject to Court approval, is expected to immediately improve the Company’s financial health and support its ongoing operations during the court-supervised process. Toys”R”Us is committed to working with its vendors to help ensure that inventory levels are maintained and products continue to be delivered in a timely fashion.

In conjunction with the Chapter 11 process in the U.S., the Company has filed a number of customary motions with the bankruptcy court seeking authorization to support its operations during the restructuring process and ensure a smooth transition into Chapter 11 without disruption, including authority to continue payment of employee wages and benefits, honor customer programs, and pay vendors and suppliers in the ordinary course for all goods provided on or after the filing date.

Additional information can be accessed by visiting the Company’s restructuring website at www.toysrusinc.com/restructuring, calling the Company’s Information Hotline, toll-free in the U.S. and Canada at (844) 794-3476, or sending an email to toysrusinfo@PrimeClerk.com. Court filings and other documents related to the court-supervised process in the U.S. are available on a separate website administered by the Company’s claims agent, Prime Clerk, at https://cases.primeclerk.com/toysrus. Information about the CCAA proceedings will be available on a separate site maintained by an independent monitor. The appointment of the monitor and address of the monitor website are expected to be announced later today.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys”R”Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.

About Toys”R”Us, Inc.
Toys”R”Us, Inc. is the world’s leading dedicated toy and baby products retailer, offering a differentiated shopping experience through its family of brands. Merchandise is sold in 885 Toys”R”Us and Babies”R”Us stores in the United States, Puerto Rico and Guam, and in more than 810 international stores and over 255 licensed stores in 38 countries and jurisdictions. With its strong portfolio of e-commerce sites including Toysrus.com and Babiesrus.com, the company provides shoppers with a broad online selection of distinctive toy and baby products. Toys”R”Us, Inc. is headquartered in Wayne, NJ, and has nearly 65,000 employees worldwide. The company is committed to serving its communities as a caring and reputable neighbor through programs dedicated to keeping kids safe and helping them in times of need. Over the past three decades, the Company has given more than $100 million in product donations to children’s charities. Since 1992, the Toys”R”Us Children’s Fund, a public charity affiliated with Toys”R”Us, Inc., has also donated more than $130 million in grants. For more information, visit Toysrusinc.com or follow @ToysRUsNews on Twitter.

For more information please contact:

Lenders and Note Investors:
Matthew Finigan, Vice President, Treasurer at 973-617-5808 or Matthew.Finigan@toysrus.com

Media:
Amy von Walter, Executive Vice President, Global Communications & Customer Care at 201-815-9512 or Amy.vonWalter@toysrus.com

press@toysrus.com
973-617-5900

Michael Freitag / Meaghan Repko
Joele Frank, Wilkinson Brimmer Katcher
Tel: (212) 355-4449

 

View original content:http://www.prnewswire.com/news-releases/toysrus-inc-commences-court-supervised-processes-to-implement-financial-restructuring-300521734.html

SOURCE Toys“R”Us, Inc.

View original content: http://www.newswire.ca/en/releases/archive/September2017/18/c5618.html

Toys”R”Us, Inc. Commences Court-Supervised Processes to Implement Financial Restructuring

Toys”R”Us, Inc. Commences Court-Supervised Processes to Implement Financial Restructuring

PR Newswire

Files Voluntary Chapter 11 Petitions in U.S. and Intends to Seek Protection under CCAA in Canada;
Operations Outside U.S. and Canada Not Included in Proceedings

Toys”R”Us and Babies”R”Us Stores and Web Stores across the World are Open
and Continuing to Provide World-Class Experiences for Customers

Restructuring Process Expected to Enhance Financial Flexibility for
Investments in Growth Initiatives

Company
Receives Commitment of Over $3.0 Billion in Debtor-in-Possession Financing to Support Operations

WAYNE, N.J., Sept. 18, 2017 /PRNewswire/ — Toys”R”Us, Inc. (“the Company”) today announced that the Company and certain of its U.S. subsidiaries and its Canadian subsidiary have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, VA. In addition, the Company’s Canadian subsidiary today intends to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) in the Ontario Superior Court of Justice. The Company intends to use these court-supervised proceedings to restructure its outstanding debt and establish a sustainable capital structure that will enable it to invest in long-term growth and fuel its aspirations to bring play to kids everywhere and be a best friend to parents.

The Company’s operations outside of the U.S. and Canada, including its approximately 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings.

The Company’s approximately 1,600 Toys”R”Us and Babies”R”Us stores around the world – the vast majority of which are profitable – are continuing to operate as usual, providing customers with great service and a curated assortment of merchandise in the toy and baby categories. Customers can also continue to shop for the toy and baby products they are looking for online on the Company’s newly launched www.toysrus.com and www.babiesrus.com web stores. Customers should expect the Company’s loyalty programs, including its Rewards”R”Us, Geoffrey’s Birthday List and Babies”R”Us Registry, to continue as normal.

“Today marks the dawn of a new era at Toys”R”Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way,” said Dave Brandon, Chairman and Chief Executive Officer. “Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide. We are confident that these are the right steps to ensure that the iconic Toys”R”Us and Babies”R”Us brands live on for many generations.”

Mr. Brandon continued, “As the holiday season ramps up, our physical and web stores are open for business, and our team members around the world look forward to continuing to put huge smiles on children’s faces. We thank our vendors for their ongoing support through this important season and beyond. We also appreciate the strong support our investors have provided over time and the constructive role they are playing in this process that will allow us to create a brighter future for our company. And as importantly, we thank our team members in advance for their hard work and dedication to serving the millions of customers who will shop with us this holiday.”

The Company has received a commitment for over $3.0 billion in debtor-in-possession (“DIP”) financing from various lenders, including a JPMorgan-led bank syndicate and certain of the Company’s existing lenders, which, subject to Court approval, is expected to immediately improve the Company’s financial health and support its ongoing operations during the court-supervised process. Toys”R”Us is committed to working with its vendors to help ensure that inventory levels are maintained and products continue to be delivered in a timely fashion.

In conjunction with the Chapter 11 process in the U.S., the Company has filed a number of customary motions with the bankruptcy court seeking authorization to support its operations during the restructuring process and ensure a smooth transition into Chapter 11 without disruption, including authority to continue payment of employee wages and benefits, honor customer programs, and pay vendors and suppliers in the ordinary course for all goods provided on or after the filing date.

Additional information can be accessed by visiting the Company’s restructuring website at www.toysrusinc.com/restructuring, calling the Company’s Information Hotline, toll-free in the U.S. and Canada at (844) 794-3476, or sending an email to toysrusinfo@PrimeClerk.com. Court filings and other documents related to the court-supervised process in the U.S. are available on a separate website administered by the Company’s claims agent, Prime Clerk, at https://cases.primeclerk.com/toysrus. Information about the CCAA proceedings will be available on a separate site maintained by an independent monitor. The appointment of the monitor and address of the monitor website are expected to be announced later today.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys”R”Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.

About Toys”R”Us, Inc.
Toys”R”Us, Inc. is the world’s leading dedicated toy and baby products retailer, offering a differentiated shopping experience through its family of brands. Merchandise is sold in 885 Toys”R”Us and Babies”R”Us stores in the United States, Puerto Rico and Guam, and in more than 810 international stores and over 255 licensed stores in 38 countries and jurisdictions. With its strong portfolio of e-commerce sites including Toysrus.com and Babiesrus.com, the company provides shoppers with a broad online selection of distinctive toy and baby products. Toys”R”Us, Inc. is headquartered in Wayne, NJ, and has nearly 65,000 employees worldwide. The company is committed to serving its communities as a caring and reputable neighbor through programs dedicated to keeping kids safe and helping them in times of need. Over the past three decades, the Company has given more than $100 million in product donations to children’s charities. Since 1992, the Toys”R”Us Children’s Fund, a public charity affiliated with Toys”R”Us, Inc., has also donated more than $130 million in grants. For more information, visit Toysrusinc.com or follow @ToysRUsNews on Twitter.

For more information please contact:

Lenders and Note Investors:
Matthew Finigan, Vice President, Treasurer at 973-617-5808 or Matthew.Finigan@toysrus.com

Media:
Amy von Walter, Executive Vice President, Global Communications & Customer Care at 201-815-9512 or Amy.vonWalter@toysrus.com

press@toysrus.com
973-617-5900

Michael Freitag / Meaghan Repko
Joele Frank, Wilkinson Brimmer Katcher
Tel: (212) 355-4449

 

View original content:http://www.prnewswire.com/news-releases/toysrus-inc-commences-court-supervised-processes-to-implement-financial-restructuring-300521734.html

SOURCE Toys“R”Us, Inc.

Quest Obtains a Second Extension of the Delay to File a Proposal Under The Bankruptcy and Insolvency Act (Canada)

MONTREAL, Sept. 18, 2017 (GLOBE NEWSWIRE) — Quest Rare Minerals Ltd. (the “Company” or “Quest”) announced that on September 15th, 2017, the Superior Court of Québec granted Quest Rare Minerals’ motion for an extension of the delay to file a proposal pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act, thereby extending the delay to file such proposal by an additional 45 days, up to and including November 2nd, 2017.  This is the second extension granted to Quest in the context of the Notice of Intention (NOI) to File a Proposal filed by Quest on July 5, 2017.

The additional NOI period will allow Quest to pursue its restructuring efforts and discussions with potential investors with the aim to emerge from insolvency protection for the benefit of all of its stakeholders, including its shareholders. The Company works closely with its trustee PricewaterhouseCoopers Inc (PWC) to evaluate all available recourses and financial alternatives that may allow the Company to resume activities.

There can be no guarantee that the Company will be successful in securing financing or achieving its restructuring objectives. Failure by the Company to achieve its financing and restructuring goals will likely result in the Company becoming bankrupt.

The Company will continue to provide further updates as developments occur.

Quest has filed its Quarterly Financial Statements as well as Management and Discussion Report for the three and nine-month periods ended July 31st, 2017, on SEDAR (www.sedar.com) and on Quest website.

About Quest

Quest Rare Minerals Ltd. (“Quest”) is a Canadian-based company focused on becoming an integrated producer of rare earth metal oxides and a significant participant in the rare earth elements (REE) material supply chain. Quest is led by a management team with in-depth experience in chemical and metallurgical processing. Quest’s objective is the establishment of major hydrometallurgical and refining facilities in Bécancour, Québec, to separate and produce strategically critical rare earth metal oxides. These industrial facilities will process mineral concentrates extracted from Quest’s Strange Lake mining properties in northern Québec and recycle lamp phosphors utilizing Quest’s efficient, eco-friendly “Selective Thermal Sulphation (STS)”1 process.

For information:

Julie Masse
Vice‑President, Communications
Quest Rare Minerals Ltd.                                                                                                                
+514 228-0377
info@questrareminerals.com

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