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Haights Cross planning to sell substantially all assets
By Jennifer Lanning Drey
Portland, Ore., Jan. 28 - Haights Cross Communications, Inc. has finalized plans to sell all of its business assets following a comprehensive strategic review, the company said Monday in a news release.
The sale will include Haights Cross Communications' three remaining operating units.
Evercore Partners Inc. is the company's financial adviser and is coordinating the sale process.
Paul J. Crecca, Haights Cross Communications' chief executive officer, did not respond to requests for comment on how the sale plan would affect the company's outstanding debt.
Haights Cross Communications' outstanding debt includes $171.8 million of 11¾% senior notes due 2011 and $114.8 million of 12½% senior discount notes due 2011, according to a form 10-Q filed with the Securities and Exchange Commission.
The company had cash and cash equivalents of $48.3 million at Sept. 30.
Haights Cross Communications' assets for sale include its test-prep and intervention business, its audiobooks unit, and Oakstone Publishing, a publisher of continuing medical education.
"We believe that despite the current economic environment, these assets offer compelling value to prospective buyers," Crecca said in the news release.
A sale process for Haights Cross Communications' K-12 supplemental education business began in November and is continuing.
Haights Cross is a White Plains, N.Y.-based publisher of books for the education and library markets.
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