School Specialty, an education material supply company that has offices in Bellingham, has filed a bankruptcy reorganization plan in the hopes of being acquired by a private investment firm.

The company, based in Greenville, Wis., filed for Chapter 11 bankruptcy reorganization while also entering into an asset purchase agreement with Bayside Capital, Inc. School Specialty has received a commitment of $50 million in additional funding.

According to Bloomberg News, the company listed $494.5 million in assets and $394.5 million in debt in its bankruptcy filing papers.

The company owns a variety of facilities in the U.S., including the Premier Graphics facility at 2000 Kentucky St. and an office at 400 Sequoia Drive in Bellingham.

"The company is conducting business as usual and has announced no changes in its operations in connection with today's announcement," said spokeswoman Kimberly Kriger, referring to the Monday, Jan. 28, announcement.

Reach Business Editor Dave Gallagher at 360-715-2269 or dave.gallagher@bellinghamherald.com. Read his business blog at blogs.bellinghamherald.com/business or follow him on Twitter at @bhamheraldbiz.