School Specialty creditors withdraw motion to end plan exclusivity

By Jim Witters

Wilmington, Del., April 26 - School Specialty, Inc.'s official committee of unsecured creditors has withdrawn its motion to terminate the debtors' exclusive period for filing a Chapter 11 plan and to allow the committee to develop, file and prosecute a plan, according to an April 25 filing with the U.S. Bankruptcy Court for the District of Delaware.

No reason for the action was listed in the filing.

In seeking the exclusivity termination in February, the committee objected to the proposed sale of the debtor's asset to an affiliate of Bayside Finance, LLC. The committee said the timeline for the sale was too short to achieve the purchase price for the assets.

As previously reported, School Specialty filed an amended plan of reorganization April 19 that focuses on reorganization of the company as a going concern, rather than a dual-track reorganization and asset sale process.

School Specialty, a Greenville, Wis.-based education company, filed for bankruptcy on Jan. 28. The Chapter 11 case number is 13-10125.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.