GREENVILLE - School Specialty Inc. has emerged from
Chapter 11 bankruptcy reorganization, according to a
The Greenville-based maker of educational products
said it has met all of the conditions of its
reorganization plan, which was confirmed by the U.S.
Bankruptcy Court for the District of Delaware in
School Specialty reduced its debt obligations by
half and secured $320 million in new financing,
according to a company statement.
"We have successfully completed a major step in our
corporate transformation by emerging with a sound
capital structure, significantly less debt, and the
financial flexibility to continue building our
business to deliver better value for our customers.
We thank our dedicated employees, suppliers and
business partners who supported us throughout this
process, said Michael Lavelle, president and CEO.
We also want our customers to know how much we
appreciate their business and the working
relationship we have forged over the years.
School Specialty employs about 1,850 nationally and
about 450 at its Greenville headquarters.