Paper Source files for bankruptcy with plans to sell itself
Dive Brief: Card and gift retailer Paper Source has filed for Chapter 11 bankruptcy with a plan to sell itself and close at least 11 stores. The company, which runs 158 stores, has a stalking horse bid from current lenders led by MidCap Financial to buy the company and provide $16.5 million in financing. The stalking horse bid is valued at Paper Source's debt obligations, including $16 million for a debtor-in-possession facility and $72.8 million on a first lien facility, according to court papers. Dive Insight: Roughly a year ago, Paper Source was a beneficiary of the fall of a rival, the ...
Source: retaildive.com