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The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.

Toys “R” Us Commences Chapter 11

Toy and baby products retail giant Toy “R” Us, Inc. and certain subsidiaries commenced Chapter 11 cases in U.S. Bankruptcy Court for the Eastern District of Virginia. Paul, Weiss is advising an ad hoc committee of noteholders holding approximately 70 percent of the prepetition secured notes issued by the holding company that owns Toys’ international business.

After a competitive financing process, our clients provided a priming, superpriority $375 million financing to be used to fund the company’s international business, among other purposes. The company received interim approval of the DIP financing on September 20 and the financing closed on September 22.

The Paul, Weiss team included bankruptcy partner Brian Hermann and counsel Sam Lovett and Diane Meyers; corporate partners Catherine Goodall and Larry Wee and counsel Bruce Gruder; tax partner David Sicular and counsel Todd Hatcher; and intellectual property partner Claudine Meredith-Goujon.

September 18, 2017

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