Advanced Marketing Services, a leading provider of customized merchandising, wholesaling, distribution and publishing services for the book industry, announced in a statement today that it will file voluntarily for Chapter 11 bankruptcy. The Chapter 11 proceeding does not include the Company’s international subsidiaries in the United Kingdom, Mexico and Australia, and their operations will not be affected. The Company also announced that, in conjunction with the filing, it has entered into a loan agreement for $75 million in Debtor-in-Possession (DIP) financing from Wells Fargo. “This move will permit AMS, with its investment banker, to continue to pursue strategic alternatives,” said Gary M. Rautenstrauch, President and Chief Executive Officer. “Additionally, Chapter 11 protection will enable the Company to continue to conduct business in the normal course, make payments to vendors going forward and continue delivering quality service and products to customers.”
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