Toy company that makes Care Bears, Tonka trucks emerges from bankruptcy ahead of holidays

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Bankruptcy,Debt,Holiday Shopping

The CEO of of the company that makes Tonka Trucks and Care Bears successfully exited a four-month stint in bankruptcy court.

The CEO of of the company that makes Tonka Trucks and Care Bears successfully exited a four-month stint in bankruptcy court last week that made all of his creditors whole — all while he was busy fending off a takeover attempt.

Meanwhile, Basic Fun’s lender, Falcon Investment Advisors, wasn’t willing to restructure the company’s debt. “Extensive negotiations” over restructuring Basic Fun’s debt obligations led to an “impasse,” according to the filing.Nonprofit accuses UC Berkeley of biased research that downplays damage of California's $20 minimum wage

Basic Fun has since “amicably reconciled” with Falcon, which essentially swapped out its debt for more equity, Foreman said. The private equity firm increased its stake in Basic Fun to 32.5% from 15% in 2018 when it partnered with the toy company. By another measure, Customer Growth Partners, estimate that toys will be one of the weaker shopping categories, down 3% compared to last year. Foreman predicts “toy sales for the year will be flat as a whole Kids are distracted more and more by digital devices and there is a lot of worry about this election.”

 

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