Toy Company Has Finance Plan Approved
A toy company has had a finance plan approved through the courts in a bid to pull itself out of bankruptcy with minimal damage. KB Toys announced that courts had approved its disclosure statement as well as the bid of PKBT Funding LLC to fund the reorganization.If everything goes through smoothly, 90% of the company stock will transfer to PKBT, which means that they will have control and ownership of the toy company. PKBT is to invest $20 million in KB Toys, and is also going to finance another $25 million.
The balance of the stock – 10% – will be held in trust for creditors of KB Toys. The creditors also have until 12th August to vote on the re-organization and funding plans. The situation will then be confirmed in a hearing on August 18th.
A Chamber of Commerce spokesman stated: "The preservation of any of KB Toys' jobs is critical, not only to Pittsfield, but to Berkshire County. Even after the recent downsizing, KB Toys remains a significant employer in the region, and it is quite apparent that if there is a plan that keeps them moving forward and solvent, that is fantastic news for the region."
Topic Added September 8th, 2005
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