Law360, Wilmington (February 25, 2013, 8:45 PM ET) -- A Delaware bankruptcy judge on Monday approved School Specialty Inc.'s new $155 million debtor-in-possession financing deal, a replacement package designed to give the insolvent educational supply company greater flexibility by taking out its private-equity secured creditor.
The new facility, which pays off Bayside Finance Inc. in full, gives control of the Chapter 11 case to School Specialty's unsecured creditors, a bloc that opposed the PE firm's plans to hold a late-March bankruptcy auction with itself as the stalking horse bidder.
Furnished by an ad hoc collection...
School Specialty's New $155M DIP Takes Out PE Lender
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