Paper Source to Be Acquired by Elliott sina.com.tw - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sina.com.tw Daily Mail and Mail on Sunday newspapers.
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IN BRIEF: Elliott makes winning bid to buy Paper Source out of bankruptcy reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Legal IN BRIEF: Elliott makes winning bid to buy Paper Source out of bankruptcy
Maria Chutchian
2 minute read
A plaque is displayed at the entrance of the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, New York, U.S., January 9, 2020. REUTERS/Brendan McDermid
Greeting card and stationary retailer Paper Source has selected a $91.5 million bid from Elliott Investment Management LP to buy it out of bankruptcy.
Paper Source, represented by Willkie Farr & Gallagher, announced that Elliott had the winning bid at a bankruptcy auction in court papers filed on Monday. Elliott, which owns Barnes & Noble, said in a statement on Tuesday that it believes Paper Source and Barnes & Noble are highly complementary.
Elliott Advisors (UK) Limited: Paper Source to Be Acquired by Elliott
Elliott investment supports Paper Source for a bright future of its own and in teaming with Barnes Noble
Elliott Investment Management L.P. ( Elliott ) announces today that funds it advises have entered into a definitive agreement to acquire the assets and business operations of Paper Source Inc.
The acquisition of Paper Source by Elliott allows the stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner committed to the development and growth of the business. Following the Chapter 11 process, Paper Source will benefit from significantly less debt on its balance sheet. It will operate from approximately 130 stores across the US, from Papersource.com, as well as its wholesale division, Waste Not Paper by Paper Source.