School Specialty, Inc (fka SCHSQ)

[Smilin_B]

It's over......


Under the Plan, School Specialty will reduce its total debt obligations by half and enable the Company to secure $320 million in new financing.

Existing common stock will be extinguished under the Plan, and no distributions will be made to holders of the Company's current equity.

New common stock with voting rights will be issued to the Company's current noteholders and Ad Hoc DIP lenders. School Specialty expects to continue to comply with public reporting requirements as designated by the U.S. Securities and Exchange Commission, although the new company does not expect initially to be listed on a stock exchange.