Toys’R’Us ANZ Limited (ASX:TOY) Appoints Voluntary Administrators
Appointment of Administrators
Toys’R’Us ANZ Limited (ASX:TOY) has appointed Luke Andrews and Duncan Clubb of BDO Business Restructuring Pty Ltd as Voluntary Administrators. The Board resolved this decision as the company is likely to become insolvent, making the appointment of administrators in its best interests.
Operational Update
The Administrators will take control of the company’s operations, conducting an independent assessment of its affairs. The company will continue operating on a “business as usual” basis where possible. Primary stakeholders have pledged to work with the Administrators on restructuring proposals for creditors.
Next Steps
The first meeting of creditors is expected within 8 business days as per the Corporations Act requirements. Securities trading on the ASX has been suspended effective immediately pending further announcements.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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