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eToys creditors extend forebearance deadline
THURSDAY, FEBRUARY 15, 2001 5:42 PM
- Reuters
LOS ANGELES, Feb 15 (Reuters) - A group of creditors for eToys Inc. (NASDAQ
NM:ETYS) has extended its deadline for forbearance for the failing Internet
toy retailer for another week, an attorney for the creditors said on Thursday.
The creditors group, which includes the likes of Mattel Inc. (NYSE:MAT),
Hasbro Inc. (NYSE:HAS) and Lego Systems, has set a new Feb. 22 deadline for
eToys to work out a plan to address its outstanding debts, said Michael Fox,
a New York attorney who represents the group.
According to public documents, the Los Angeles-based toy seller owes
creditors about $200 million, about half of which is owed to the creditors
group.
Options reportedly being discussed by eToys include a sale of the company of
a strategic investment by an outside party. On Feb. 5, eToys said it had
told the remaining 293 members of its staff that they will be let go on
April 6. Another 700 jobs had been cut in January.
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