Publishers Lunch reports that Publishers Group West clients were explained in a conference call yesterday he details of the offer being formulated by Perseus Books Group, which has already secured distribution rights for Avalon Publishing Group and its imprints. The rough plan is for Perseus to pay 70 cents on the dollar of what clients are owed up to the date of the bankruptcy filing. PGW would continue operating as is for the next six months before clients accepting the Perseus offer would move over to their distribution facility. Though other offers could still be tendered, 70 cents on the dollar is a lot higher than what PGW clients were expecting.
So on the face of it, this looks like Perseus could well be PGW’s savior – or is it? Never mind that already the company is responsible for CDS and Consortium clients, and adding the full roster of PGW clients would give it a gigantic stake in independent publishing, with the ramifications and consequences still very much up in the air. Never mind that there’s no word on which of PGW’s clients were included in the conference call, as grumblings have reached GalleyCat‘s ears of “musical chairs”-like prioritization, potentially leaving some struggling independent publishers out in the cold, with little recourse but to shut up shop. In other words, the news sounds good – but optimism is far from guaranteed.