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Toys ‘R’ Us OK’d to sell Canadian equity stake to Fairfax Financial
By Caroline Salls
Pittsburgh, April 25 – Toys “R” Us, Inc. received court approval to sell its 100% equity interest in Toys “R” Us Canada Ltd. to Fairfax Financial Holdings Ltd. according to an order filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Virginia.
The base purchase price for the equity is $300 million. According to the purchase agreement, the final price will be the base price, minus an amount by which estimated closing date working capital is less than targeted working capital, plus the amount the closing date working capital is greater than the targeted working capital, plus estimated closing date cash, minus a debtor-in-possession debt closing amount, minus 5% of specified intercompany debt.
Toys “R” Us is a Wayne, N.J., toy retailer. The company filed for bankruptcy on Sept. 19, 2017 under Chapter 11 case number 17-34665.
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