Toys “R” Us – PlayFusion Objects to Toys Delaware and Geoffrey Plans, Insists its Administrative Claim is Paid in Full

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October 5, 2018 – PlayFusion Limited (“PlayFusion”) filed an objection [Docket No. 5149] to confirmation of the Second Amended Chapter 11 Plans of the Toys Delaware Debtors and Geoffrey Debtors [Docket No. 4542]. PlayFusion explains, “PlayFusion holds an Administrative Claim against Toys Delaware and Geoffrey, and it has ‘opted out’ of the Settlement Agreement, whereby Administrative Claim holders were offered a discounted payoff of 20-30% of their claims. In order to confirm the Plan, the Debtors acknowledge that PlayFusion must be paid in full or “otherwise agree to different treatment ahead of or in connection with Confirmation.” See Disclosure Statement [Docket No. 4543] Art. VII, § A.4.(c). At present, the Debtors have offered only to afford PlayFusion the opportunity to change its mind and “opt back in” to the Settlement Agreement. This proposal is unacceptable to PlayFusion. Unless an acceptable proposal is made, or the Plan is amended to provide for full payment of PlayFusion’s Administrative Claim, the Plan cannot be confirmed by the Court.”

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