Sebastien Canderle, former director at The Carlyle Group, recently published his latest book. The following is an excerpt illustrating how specialist retailer Toys “R” Us wrestled with its demanding LBO debt obligations years before even contemplating a bankruptcy scenario. No doubt Toys “R” Us would have agreed to make sacrifices just to engineer its relisting. Management kept working its way through the balance sheet, tackling each tranche of debt one at a time. In August 2010 it extended the maturity of the working capital facility and increased the group’s borrowing capacity.