Set in 2013, School Specialty was a financial difficulty vendor of educational products to primary and secondary schools in the United States.
The company intended to file Chapter 11 to be able to deal with its debt load that was excessive, but needed to arrange debtor-in-possession financing to provide liquidity while in bankruptcy. A funding proposal has been attained by the entity from its existing term loan lender which inculcates some unusual and aggressive characteristics.
This inculcates the requirement that, immediately upon filing for Chapter 11, School Specialty undertake to sell its assets under Section 363 of the U.S. Bankruptcy Code. The entity must determine whether to accept this suggestion, and if other options may be available.
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PUBLICATION DATE: February 03, 2014 PRODUCT #: 214084-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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