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Report: UK pension fund demands £9M payment from Toys R Us

A pension fund in the U.K. is demanding that U.S. retailer Toys R Us pay £9 million into its pension scheme before the retailer's restructuring plan for its British operations is approved, Sky News reported Dec. 18.

The Pension Protection Fund and its trustees are demanding that the sum be agreed upon within 24 hours, the report said.

Toys R Us, which has vendors that include major toy makers Mattel Inc. and Hasbro Inc., filed for Chapter 11 bankruptcy protection in the United States in September.

In the U.K., Toys R Us needs to win the support of its backers before it enters a company voluntary arrangement that would allow it to restructure in the country, a process that will include the closing of at least 26 of the toy seller's locations and the loss of at least 500 jobs. According to Sky News, the company voluntary arrangement is unlikely to pass without the support of the Pension Protection Fund.

Toys R Us creditors are set to vote on the company voluntary arrangement Dec. 21, according to the report.