Toys ‘R’ Us Australia turns to G+T in bankruptcy

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Top Australian firms are now involved as America’s largest toy store chain files for bankruptcy protection.

Gilbert + Tobin (G+T), King & Wood Mallesons (KWM) and Allens are involved in the bankruptcy process for Toys “R” Us, The Australian Financial Review said.

G+T is said to have been tapped by the toy store chain, which is being advised globally by major US firm and restructuring specialist Kirkland & Ellis. The Australian firm is said to be in close contact with their American counterparts as the Australian arm of the company reacts to its parent’s bankruptcy filing.

KWM and Allens are working with two of the company’s lenders. The duo have also been working with lawyers from around the world, particularly in the US, the publication said.

Toys “R” Us, which is said to have a shared pool of global debt that’s more than US$5bn, has around 40 stores and 3,000 employees in Australia. The Australian arm of the company is “expected to emerge relatively unscathed from the process,” the AFR said.

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