Perseus & NBN Await Court Ruling on PGW Bids

At press time, Perseus Books Group and National Book Network were still awaiting the bankruptcy court's decision regarding their counteroffers for Publishers Group West (PGW). It is not known when a ruling will come down in the case.

Last week, National Book Network offered PGW publisher clients a distribution contract that would pay them 85 cents on the dollar against the bankrupt estate and would extend their existing contract term by three years beyond their next anniversary date. The offer came two weeks after Perseus offered PGW clients a distribution contract for 70 cents on the dollar with a four-year contract extension.

A court hearing scheduled for Monday, February 12, was postponed until late today.

In related news, on February 12, Publishers Group West's parent company, Advanced Marketing Services, announced that it had entered into a letter of intent with Baker & Taylor, to sell most of its assets, excluding PGW. The letter of intent is subject to the negotiation of a definitive asset purchase agreement and the approval of the bankruptcy court.