KKR and Bain Capital Establish $20 Million TRU Financial Assistance Fund
November 20, 2018-
Kenneth Feinberg and Camille Biros Appointed as Independent Administrators - 100 Percent of contributions will be paid directly to eligible former Toys “R” Us Employees
The firms have appointed
Feinberg stated: “This is a valuable and important step designed to provide a degree of financial relief to eligible former employees of Toys “R” Us. We are now disseminating a draft of the Protocol outlining the terms and conditions of eligibility so we can gauge employee reaction and comment.” Biros added, “We have designed a transparent, straight forward and simple process that should provide some financial relief to eligible former employees. Next, we want to hear from those former employees affected by the unexpected liquidation.”
The Draft Protocol is the result of a collaborative effort involving
KKR,
The following information was used to develop the distribution methodology:
-
Available Company data including:- historic earnings
- hours worked
- tenure using hire/termination dates
- Toys “R” Us termination/employment policies, and
- Input from former Toys “R” Us employees
The following components were used to determine the proposed draft eligibility and payment amounts:
1) Tenure: Must have at least one year of tenure
2) Earnings: Must have no more than
3) Minimum Earnings: Must have no less than
4) Termination/Employment Guidelines in the Toys “R” Us Plan
Feinberg added, “In order to maximize the impact of available funds, key eligibility requirements and payment parameters had to be instituted.”
The parameters and the complete calculation methodology are described in the Draft Protocol, which has been posted on the Fund’s website at www.TRUFinancialAssistanceFund.com.
There will be a two-week period for all interested parties to comment on
the terms and conditions of the Draft Protocol. After these comments are
considered and evaluated by the Independent Administrators, the Final
Protocol outlining final terms and conditions will be made public. The
claims process is expected to launch on
Feinberg and Biros emphasized that, with the exception of providing the
initial contributions, and providing initial input concerning the
program’s terms and conditions, neither KKR nor
For more information about the terms and conditions of the Fund – including the submission of comments about the program during the comment period, how to contribute to the Fund, and other information – please visit www.TRUFinancialAssistanceFund.com.
About KKR
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic partners that
manage hedge funds. KKR aims to generate attractive investment returns
for its fund investors by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation with KKR portfolio companies. KKR invests its own capital
alongside the capital it manages for fund investors and provides
financing solutions and investment opportunities through its capital
markets business. KKR has market-leading initiatives in place at many
companies, such as wellness
programs, equity
ownership programs, and veterans
hiring programs that are important value creation initiatives
focused entirely on a company’s employees. References to KKR’s
investments may include the activities of its sponsored funds. For more
information about
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