Retail billionaire Mike Ashley’s Sports Direct International Plc is among bidders for certain Toys “R” Us Inc. stores in the U.K., Bloomberg News reported. The group has submitted an offer for some properties backing a 2013 securitization known as Debussy DTC. Private equity firm TPG is also competing for some assets backing the Debussy debt, while Hayfin Capital Management LLP plans to submit a bid or provide financing to potential buyers. The 263 million-pound ($370 million) Debussy bonds, which are backed by a loan financing 31 properties in the U.K., came under stress late last year as the toy seller tried to restructure its British operations after filing for bankruptcy protection in the U.S. The securitized loan is now in the hands of administrators, and noteholders have appointed real estate firm Morgan Williams to sell the properties to recover money for the bonds.
