SCHS releases statement about Forbearance Agreement
I dont know if any body read this but it was released afterhours on tuesday.....
School Specialty Inc. : School Specialty, Inc. Statement about Forbearance Agreement with Lenders
01/08/2013| 05:12pm US/Eastern
SCHOOL SPECIALTY, INC. STATEMENT ABOUT FORBEARANCE AGREEMENT WITH LENDERS January 8, 2013
School Specialty, Inc. (NASDAQ: SCHS) is in constructive discussions with our key lenders about ways to put the company on more sound financial footing by addressing our liquidity needs and improving our balance sheet and capital structure. While we and our financial advisors are working on a long term solution to best position the company for the future, School Specialty and its lenders have entered into forbearance agreements that provide the company with access to additional liquidity and for lenders to refrain from exercising certain rights in connection with technical defaults under the company's loan agreements. As we continue these discussions and review options for making School Specialty a stronger and more financially secure company, we remain focused on providing the quality products and services that our customers and business partners expect from us.
Thanks for sharing this - Had not seen it but have been looking for some sort of statement from the company. This is not an indication of any sort of "done deal" but it is positive, At less than $14mm market cap there is a ton of upside potential here.
yea i googled it and it came up in the news section from some private webisight which i wont mention so i that i cant be accused of spamming but i found it and the wording seems to me like they have no worries so.... makes sense in one regard why it dropped and another why its a bargain and one of their lenders are probably the ones scooping up shares. When they announce a new capital agreement its back to $5