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School Specialty convertible noteholders want plan hearing adjourned
By Lisa Kerner
Charlotte, N.C., May 16 - Certain holders of convertible notes of School Specialty, Inc. filed an objection to the debtors' amended joint plan of reorganization and related disclosure statement, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the company received preliminary court approval of the disclosure statement for its amended plan on April 24. The plan confirmation hearing is scheduled for May 20.
The noteholders are asking the court to adjourn the confirmation hearing due to the debtors' failure to disclose material elements of the plan related to the $155 million of debtor-in-possession financing, which is held by convertible noteholders.
In addition, the noteholders want the court to revoke its conditional approval of the disclosure statement on similar grounds.
School Specialty, a Greenville, Wis.-based education company, filed for bankruptcy on Jan. 28 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 13-10125.
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