Publishers Weekly: “The Perseus Books Group made it official this morning, announcing that it had made an offer to acquire “substantially” all of the distribution contracts of PGW, the distribution unit of bankrupt AMS. As previously reported here, Perseus is offering to pay all PGW clients 70% of the money owed to them by PGW, but not paid because of the Chapter 11 filing, in exchange for taking over distribution. In addition, Perseus will pay PGW’s operating costs for a five-month transition period following closing of the agreement. The deal is subject to approval by the bankruptcy court, and AMS will file a motion later this week to get that approval.”
Galleycat suggests that even 70 cents may not be enough to get Soft Skull over the hump. ‘Twould be a pity if it went under leaving its debts unpaid – though that opinion may be less than objective, since one of my nearest and dearest belongs to the 50% of humanity owed some long green by Richard Nash. (As opposed to the other 50% who are owed such by ol’Sander.)