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Creditors Extend EToys Deadline:

February 01, 2001|Reuters

A group of creditors owed about $100 million by EToys Inc. extended a deadline to refrain from pressing claims against the troubled Internet toy seller while it seeks a buyer or investor to prop up the company, an attorney for the creditors said Wednesday. The creditors group, which includes such names as toy makers Mattel Inc., Hasbro Inc. and Lego Group, had set a deadline of Jan. 31, but extended that until Feb. 15, said Michael Fox, a New York attorney who represents the group. According to public documents, EToys owes creditors about $200 million, nearly half of which is owed to members of the informal creditors group. EToys previously reported fourth-quarter sales that fell well short of its earlier forecasts, and said it has only enough cash to stay in business through the end of March. EToys shares fell 3 cents to close at 31 cents on Nasdaq.

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