Bankrupt School Specialty To Sell Assets To PE Firm

Law360, Wilmington (January 28, 2013, 2:19 PM EST) -- School Specialty Inc., a leading provider of school supplies for primary and secondary schools, entered bankruptcy in Delaware on Monday and plans to sell its assets to private equity firm Bayside Capital Inc.

The Greenville, Wis.-based company — joined in bankruptcy by Delta Education LLC and several other affiliates — cited nationwide cuts in education funding since 2008 as a major factor in its financial woes. The company listed $494.5 million in assets against $394.5 million of debt in its Chapter 11 petition.

School Specialty said...
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