Reorganization Plan for KB Toys Approved
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From Bloomberg News
KB Toys Inc. won Bankruptcy Court approval for a reorganization plan that gives Prentice Capital Management a 90% stake in the company.
U.S. Bankruptcy Judge Walter Shapero’s approval allows KB Toys to end its bankruptcy case by the end of the year.
Prentice, which is controlled by hedge fund investor Michael Zimmerman, will pay $20 million for 90% of Pittsfield, Mass.-based KB Toys’ common stock and supply a $25-million loan, according to court documents.
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