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School Specialty Inc. Message Board

  • spencer_has_arrived spencer_has_arrived Jan 9, 2013 10:03 AM Flag

    Forbearance Agreement puts pressure on SCHS

    On January 4, 2013, School Specialty, Inc. and certain of its wholly owned subsidiaries entered into a Forbearance Agreement relating to the Credit Agreement dated as of May 22, 2012. The Asset-Based Forbearance Agreement was entered into in connection with Events of Default occurring under the Asset-Based Credit Agreement as a result of the Minimum Liquidity Test under Section 7(f) of the Asset-Based Credit Agreement being unsatisfied as at the last day of the fiscal month of December 2012... Following the occurrence of such Events of Default, the Term Loan Lenders declared all of the unpaid principal amount of the Term Loans, all interest accrued and unpaid thereon and all other Obligations (including the Early Payment Fee in the amount of approximately $25 million) to be immediately due and payable or otherwise accelerated, or approximately $93.7 million in the aggregate, as of January 4, 2013

    Sentiment: Strong Buy

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