Nebraska Book Receives Approval of Disclosure Statement
NBC Acquisition Corp. and its subsidiaries, including Nebraska Book Company, an industry provider in solutions for the college bookstore marketplace, received approval of the Disclosure Statement for the Third Amended Plan of Reorganization from the U.S. Bankruptcy Court for the District of Delaware. The court’s approval of the Disclosure Statement will permit the company to begin soliciting votes to accept the plan on or before April 17, 2012.
“The approval of our Disclosure Statement represents an important step in our restructuring process,” said Barry Major, the company’s president. “We recognize that there are a few more milestones to reach, including receiving votes in favor of our plan from our creditors, but our emergence from Chapter 11 is in sight with the support we have from our lenders and the unsecured creditors’ committee.”
The company filed the Amended Plan and related Disclosure Statement on April 10, 2012, after finalizing an amended plan support agreement with approximately 73% of the holders of their 10% senior secured notes and over two-thirds of the holders of their 8.625% senior subordinated notes. The company made subsequent revisions to the Amended Plan that secured the support of the official committee of unsecured creditors for the Amended Plan.
Votes on the plan must be received by the company’s voting agent, Kurtzman Carson Consultants, LLC, by May 21, 2012, unless the deadline is extended. A hearing to consider confirmation of the Amended Plan is currently scheduled for May 30, 2012.
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