Daily News: May 31, 2012

Court Confirms Nebraska Book Reorganization Plan


NBC Acquisition Corp. and its subsidiaries, including Nebraska Book Company, an industry provider in solutions for the college bookstore marketplace, announced that the Honorable Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware confirmed the company’s Third Amended Joint Plan of Reorganization on May 30, 2012. The company expects to emerge from Chapter 11 in mid-June 2012.

“We entered into this court process with a set of specific goals and while our journey hasn’t been without a few bumps, we have accomplished our goals and are preparing to emerge as a stronger company,” said Barry Major, the company’s president and CEO. “With the support of our lenders we have been able to successfully navigate our Chapter 11 process and are focused on what lies ahead for our organization.”

Each class of claimants entitled to vote on plan voted to accept the plan, including: (a) 10% senior secured notes due 2011; (b) 8.625% senior subordinated notes due 2012; and (c) holders of general unsecured claims, voted to accept the plan.

On June 27, 2011, the company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware to restructure approximately $450 million in loans and bonds. Through the plan, the company will reduce the debt on their balance sheet by approximately $270 million, in part by procuring a consensual conversion of $100 million of the company’s 10% senior secured notes due 2011 into equity in the reorganized company.

Previously on abfjournal.com:

Nebraska Book Receives Approval of Disclosure Statement, Monday, April 16, 2012

Nebraska Book Receives Approval for Amended Plan Support Agreement, Tuesday, March 27, 2012