Elliott Investment Management announced an agreement to acquire the assets and operations of bankrupt stationery retailer Paper Source for approximately $91.5 million, with $40 million of that in cash and the rest in loans. The investor says its purchase will allow Paper Source “to emerge from Chapter 11 with the support of a well-capitalized owner committed to the development and growth of the business.” Paper Source filed for bankruptcy protection abruptly in early March, carrying over $100 million in debt (against gross sales in 2020 of $104 million). The filing was controversial as a number of suppliers complained that Paper […]
