PW Daily reports that today’s 11 o’clock hearing in U.S. Bankruptcy Court in Delaware on the sale of Publishers Group West ended in a postponement until later this week. Judge Christopher Sontchi clarified for publishers that they are entitled to sign agreements with both National Book Network and Perseus. He also granted NBN two more days to produce a definitive agreement, at which point an auction will be held to determine the winner. If they can’t, then Perseus’s offer will be approved on Thursday morning.
“We respect the process and we’re just looking forward to moving forward as quickly as possible,” Perseus CEO David Steinberger told PW Daily. “We’ve always said it’s important for the PGW community to get a decision quickly.” For his part, NBN head Jed Lyons was pleased that the judge had given the company the needed time to complete its documentation. He noted that the judge said that “facially” NBN’s offer appeared to be higher and better.
In other news, the so-called “mystery buyer” for Advanced Marketing Service’s holdings is none other than book distributor Baker & Taylor . The two parties must complete an asset purchase agreement and then file a motion with the bankruptcy court for a hearing to determine if there are other suitors interested in bidding on the company. The parties expect to request a bidding procedures hearing before the bankruptcy court on February 16, and would hope to close a deal by March 15.
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