GREENVILLE - School Specialty Inc. has emerged from Chapter 11 bankruptcy reorganization, according to a company statement.

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 late May.

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.