Marvel agreement reached

WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall.

Chase Manhattan Bank attorney Thomas Ambro told U.S. Bankruptcy Judge Helen Balick that under the agreement, two entities controlled by investor Carl Icahn will buy the $610 million in secured claims that Marvel owes to Chase and other banks.

A group of Marvel bondholders headed by Icahn last month won a prolonged legal battle to take control of the debtor companies.

The group claims that Marvel controls 70% of Toy Biz, which has an exclusive, royalty-free license to make toys based on Marvel’s characters. But the toymaker contends that Marvel’s stake had been reduced to only 27%.

Marvel filed for Chapter 11 bankruptcy protection last December.

Under the agreement, Marvel will pay its bank creditors $395 million in cash, proceeds from the sale of Marvel subsidiaries Fleer Corp. and Panini SpA, and warrants to buy 10% of a reorganized company that will merge Marvel with Toy Biz.

Fleer and Panini are estimated to fetch between $200 million and $215 million.

More Biz

  • Ron Burkle

    Ron Burkle Sues Lantern Capital Over Weinstein Co. Costs

    WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall. Chase Manhattan Bank attorney Thomas Ambro told U.S. […]

  • Netflix Reed Hastings

    Netflix Falls Short of Q2 Subscriber Expectations Worldwide, Stock Dives

    WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall. Chase Manhattan Bank attorney Thomas Ambro told U.S. […]

  • Johnny Depp

    Johnny Depp Settles Feud With Former Managers

    WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall. Chase Manhattan Bank attorney Thomas Ambro told U.S. […]

  • Ed Sheeran Shape of You

    Ed Sheeran Tops Pollstar’s Mid-Year Touring Charts as Industry Soars to Record Gross

    WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall. Chase Manhattan Bank attorney Thomas Ambro told U.S. […]

  • Lantern Capitol

    Weinstein Co. Closes $289 Million Sale to Lantern Capital

    WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall. Chase Manhattan Bank attorney Thomas Ambro told U.S. […]

  • BMG to Relaunch ‘Live from Daryl’s

    ‘Live from Daryl’s House’ to Relaunch in the Fall Via BMG Partnership (EXCLUSIVE)

    WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall. Chase Manhattan Bank attorney Thomas Ambro told U.S. […]

  • STX Targeting August IPO in Hong

    STX Targeting August IPO in Hong Kong (Report)

    WILMINGTON, Del. — The new management of Marvel Entertainment Group Inc. reached an agreement Thursday with its banks, bondholders and the principal shareholders of Toy Biz Inc. that promises to end months of bitter legal battles and allow the comic giant to emerge from bankruptcy this fall. Chase Manhattan Bank attorney Thomas Ambro told U.S. […]

More From Our Brands

Access exclusive content