Toys “R” Us Inc. and some foreign subsidiaries got approval Thursday for their joint chapter 11 bankruptcy plan, which includes the $760 million sale of the Asian business, WSJ Pro Bankruptcy reported. The Asian business of Toys “R” Us has been considered healthy, and a U.S. Bankruptcy Court in Richmond, Va., yesterday approved the sale of that operation to a new ownership group that includes existing bondholders that have said that they plan to operate the business. Of that $760 million offer, about half is a credit bid, meaning that the lenders will trade their debt for ownership of the business.
