Bankrupt college bookstore chain delays bankruptcy hearing
Nebraska Book, the Lincoln-based college bookstore chain that is looking to emerge from protection under bankruptcy law, has delayed a hearing with the U.S. Bankruptcy Court in Delaware.
Nebraska Book, the Lincoln-based college bookstore chain that is looking to emerge from protection under bankruptcy law, has delayed a hearing with the U.S. Bankruptcy Court in Delaware.
The hearing would determine if the company's exit plan had been approved by the court. However, the hearing was delayed in order to provide the bookstore chain with more time to secure roughly $250 million in financing.
Initially slated for October 4, the hearing will now take place October 27 as Nebraska Book cited the "tightening of capital markets" and "macroeconomic concerns" in delaying the hearing. The company has confirmed its proposed restructuring plan would relinquish its control to bondholders.
Nebraska Book operated 280 locations throughout the country as the nation's largest college bookstore chain. The company originally filed for bankruptcy protection in June with the initial plan paying back secured creditors in full.
Nebraska Book listed $450 million in restructurable debt with NBC Acquisition and its affiliates. The company won court approval in borrowing a $200 million loan with JPMorgan Chase serving as the agent for lenders in financing.
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