September 20, 2017
Back to PressStephen Hazelton, the founder of the credit document analytics group Street Diligence, characterised the toy retailer’s capital structure as “extremely complicated”. The Gordian knot of inter-creditor agreements and intercompany loans has made “the actual pecking order . . . a bit of a mess”, Mr Hazelton said. “The guarantee relationships, the intercompany debt outstanding, all of that is extremely complicated and will have a material effect on who gets what.”