PPF demands Toys R Us line up 'independent' administrator - ToyNews

PPF demands Toys R Us line up 'independent' administrator

The Pension Protection Fund has written to the retailer urging them not to appoint their existing adviser on its restructuring to oversee any insolvency proceedings.
Author:
Publish date:
Screen Shot 2018-02-16 at 14.36.19

The pensions lifeboat is demanding that directors of Toys R Us UK line up an 'independent' administrator if talks about a rescue of the chain break down in the coming days, Sky News has learned.

Alvarez & Marsal (A&M) recently secured approval for a deal that was supposed to safeguard Toys R Us UK's future, and which only secured the PPF's support at the eleventh hour.

Sources close to the situation said that the PPF was "uncomfortable" about A&M handling the chain's administration because of its role orchestrating a Company Voluntary Arrangement (CVA) approved three days before Christmas.

A spokesman for A&M said in a statement issued to Sky News on Tuesday: "We understand that the PPF has written to the directors of Toys R Us UK.

"We are aware of our professional responsibilities."

This latest development comes just days before Toys R Us' deadline to pay its £15m VAT bill to HMRC.

Related

Featured Jobs

Copyrights Group

Marketing Manager

The Copyrights Group is one of the licensing arms within The Vivendi Group. Acquired by Vivendi in 2016 Copyrights manages the licensing for a portfolio of properties to include Paddington Bear. Some of the other companies within the Vivendi Group include Universal Music Group, and their licensing arm Bravado, Gameloft and Studiocanal to name a few.