Advanced Marketing asset sale approved

By Caroline Salls

Pittsburgh, March 12 - Advanced Marketing Services, Inc. obtained court approval of the sale of substantially all of its assets to Baker & Taylor, Inc., according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The purchase price includes $20 million in cash, a selected Advantage Publishers Group inventory price of at least $7.5 million, an APG product pre-payment price equal to 57.5% of the product pre-payments and an accounts receivable price equal to 77.5% of the net total face amounts of accounts receivable at closing.

The company said it received no competing bids at auction.

Closing is expected to occur on Tuesday.

Advanced Marketing, a San Diego-based provider of customized merchandising, wholesaling and contract distribution services, filed for bankruptcy on Dec. 29. Its Chapter 11 case number is 06-11480.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.