Akin Gump Advises Bayside Finance in Purchase of School Specialty Assets
(New York) – Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Bayside Finance LLC, in its asset purchase agreement and DIP loan agreement with School Specialty Inc., which has filed for chapter 11 bankruptcy protection.
A Bayside affiliate has been selected by School Specialty as the stalking horse purchaser for School Specialty’s assets, though the acquisition will go through a court-supervised sale process. A separate Bayside affiliate has committed $50 million in debtor-in-possession financing, intended to provide School Specialty with enough liquidity to operate the business and meet its ongoing financial obligations during the sale process.
The Akin Gump team that advised Bayside Finance was led by partners Michael Stamer, Stephen Kuhn and Brian Kim, and counsel Meredith Lahaie and Meng Ru.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.
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