July 23, 2016 8:33 PM ET

Household Durables

Company Overview of Fuhu, Inc.

Company Overview

Fuhu, Inc. designs and sells consumer products for children. It offers nabi, an Android based learning tablet for kids that provides an ecosystem of hardware, software services, and accessories to immerse kids in rich and engaging experiences. The company sells its products through retailers in the United States. Fuhu, Inc. was incorporated in 2008 and is based in El Segundo, California. The company has additional offices in Denver, Hong Kong, and San Jose; and China, Taipei, and Japan. As of January 29, 2016, Fuhu, Inc. operates as a subsidiary of Mattel, Inc.

909 North Sepulveda Boulevard

Suite 540

El Segundo, CA 90245

United States

Founded in 2008

Phone:

310-227-8230

Fax:

310-356-3656

Key Executives for Fuhu, Inc.

Chief Executive Officer
Co-Founder and President
Co-Founder and Chairman
Age: 60
Co-Founder
Director of Finance
Compensation as of Fiscal Year 2016.

Fuhu, Inc. Key Developments

Motion for Asset Sale Approved for Fuhu, Inc.

The US Bankruptcy Court approved the sale of substantially all the assets of Fuhu, Inc. on January 22, 2016. As per the order, debtor has been authorized to sell substantially all its assets to Mattel, Inc. for $21.50 million, as per the agreement dated January 20, 2016. Mattel was designated as successful bidder in the auction held on January 19, 2016. GWS Fuhu, LLC, stalking-horse bidder, will be entitled to the break-up fee of $0.25 million, payable out of the proceeds of the sale. James P. Beaubien, Peter M. Gilhuly and Ted A. Dillman of Latham Watkins LLP acted as legal counsel for the buyer.

Final DIP Financing Approved for Fuhu, Inc.

The US Bankruptcy Court gave an order to Fuhu, Inc. to obtain DIP financing on final basis on January 21, 2016. As per the order, the debtor has been authorized to obtain a junior secured post-petition finance in the amount of $2 million from GWS Fuhu, LLC. The DIP loan would carry an interest rate of 6% p.a. along with an additional 4% p.a. interest in the event of default. Debtor shall pay a closing fee of $0.03 million on maturity date. The DIP facility would mature either on February 1, 2016 or on the date of consummation of the sale of substantially all assets, whichever is earlier. The proceeds shall be used to make adequate protection payments.

Notice of Auction Result Filed by Fuhu, Inc.

Fuhu, Inc. filed a notice of auction result in connection with the sale of substantially all its assets on January 20, 2016. As per the auction results, debtor entered into an agreement to sell substantially all its assets to Mattel, Inc. for a purchase price of $21.50 million, as per the agreement dated January 20, 2016. Mattel, Inc. was the highest and otherwise best bidder. Buyer will pay $4.30 million as deposit, of which $1.01 million was transferred on or about January 15, 2016. The buyer will be entitled to the break-up fee of $0.25 million if transaction is consummated with any other party. Sale hearing is scheduled for January 21, 2016. James P. Beaubien, Peter M. Gilhuly and Ted A. Dillman of Latham Watkins LLP acted as legal counsel for the buyer.

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Date
Target
Merger/Acquisition
January 1, 2016
--
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December 7, 2015
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Merger/Acquisition
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--
 

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