Mattel wins loan concessions in Toys 'R' Us bankruptcy aftermath
New York
MATTEL Inc won some concessions on its US$1.6 billion credit line, just two days after Toys 'R' Us collapsed into a bankruptcy that reverberated through the retail industry.
The toymaker removed a requirement that it meet certain performance goals from the third fiscal quarter and widened a ratio allowing it to increase debt related to earnings from the quarter after that, according to a regulatory filing. It also tweaked a definition of earnings which allows it to add back certain numbers that may ultimately boost profit.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS customers unable to log into digibank, PayLah! on Thursday
NYSE-parent ICE’s revenue misses as muted IPO markets offset record energy trading
Amazon bets big with CrowdStrike on cybersecurity products
Goldman Sachs scraps EU-era bonus cap for top bankers in UK: source
Thomson Reuters lifts 2024 forecast on first quarter revenue result
US: Wall St opens higher after Fed leaves interest rates alone