Basic Fun Completes Its Restructuring with a Significantly Strengthened Financial Position and Continues on its Growth Trajectory

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Nov 01, 2024, 10:27 ET

BOCA RATON, Fla., Nov. 1, 2024 /PRNewswire/ -- Basic Fun, Inc., a global leader in the toy and children's entertainment products industry, announced today that it has successfully completed its financial restructuring and has emerged from the process well-positioned for the future.

As a result of its restructuring, Basic Fun has substantially strengthened its capital structure by enhancing its liquidity, securing new capital to fund growth, and allowing the Company to invest in even greater promotional initiatives and an expanding product portfolio globally.

Management is pleased to have exited this process quickly and efficiently and looks forward to the bright future that lies ahead for Basic Fun. Under the Company's restructuring plan, which was approved by the District Court of Delaware, Basic Fun has secured and retained $65 million in new and existing financing from its lending partners and founders.

The company is now on the strongest financial footing in its history with sales forecasted to be up over 30% year-over-year and profits at record levels driven by its exciting portfolio of products. Ownership is proud that throughout the process, Basic Fun has and will continue to meet every financial obligation it was and is responsible for, and the business continues operating seamlessly without disruption or interruption.

"I am incredibly appreciative of the tremendous efforts made by our team to get us to where we are today," said Jay Foreman, Founder/CEO of Basic Fun and the company's largest shareholder. "I also sincerely thank our customers, licensors, suppliers and partners in the 60+ countries where we operate for their unwavering support, which was instrumental in achieving today's positive and successful outcome. Our team looks forward to continuing to work with our partners around the world building our businesses and continuing to bring our iconic, innovative and renowned brands to millions of consumers globally."

Company Advisors: Polsinelli PC served as legal counsel, and Oppenheimer & Co. Inc served as financial advisor.

About Basic Fun, Inc.: Basic Fun! is a dynamic global designer and marketer of classic, innovative children's entertainment products which strive to bring smiles to people of all ages. The Company has renowned iconic brands and a broad product portfolio that are featured in over 50,000 brick and mortar locations and online retail distribution points by 2,500+ leading retailers, distributors and family entertainment venues in over 60 countries worldwide. Basic Fun! is dedicated to enriching lives and creating unforgettable moments through imaginative play. Basic Fun's global headquarters is located in Boca Raton, FL and also has offices in the UK and Hong Kong. For more information visit basicfun.com.

SOURCE Basic Fun, Inc.