Elliott Gets Court Nod to Buy Stationery Retailer Paper Source

Paper Source Inc. won bankruptcy court approval to sell itself to Elliott Investment Management LP in a deal that will keep most of the stationery retailer’s stores open.

• U.S. Bankruptcy Judge Keith Phillips approved the sale in a Thursday hearing
• “Elliott Investment Management is excited to own this company going forward and excited about its prospects,” Brian Resnick of Davis Polk & Wardwell said in the hearing
• Elliott’s bid includes $40m of cash, which will pay down Paper Source’s bankruptcy loan and a portion of its first-lien debt, as well as the assumption of more than $51m of debt, John ...