On May 31, 2018, Toys “R” Us (Canada) Ltd. announced the completion of a share acquisition by Fairfax Financial Holdings Limited pursuant to which Fairfax acquired 100% of the equity of Toys Canada.
The share purchase agreement between Toys “R” Us-Delaware, Inc. and Fairfax Financial Holdings Limited that provided for the acquisition was approved by the U.S. Bankruptcy Court on April 25, 2018. The transaction contemplated by the share purchase agreement resulted in the sale of the Canadian Toys “R” Us business on a going concern, standalone basis.
On May 9, 2018, the Ontario Superior Court of Justice (Commercial List) granted an order providing that upon the filing of the CCAA Termination Certificate, Toys Canada would be discharged from CCAA protection. The filing of the Monitor’s CCAA Termination Certificate occurred on May 31, 2018.
Grant Thorton Limited was appointed as the monitor under the CCAA and was advised by Cassels with a deal team that included Jane Dietrich, Natalie Levine, Shayne Kukulowicz, Monique Sassi and Sophie Moher (Restructuring & Insolvency) and Chuck Rich (Financial Services).