Advanced Marketing creditor agrees to book return plan

By Jennifer Lanning Drey

Portland, Ore., June 7 - Advanced Marketing Services, Inc. entered into a book return agreement with Ideals Publishing Co., according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the agreement, Advanced Marketing will return inventory including goods originally sold to Advanced Marketing on a non-returnable basis.

In exchange, Ideals' non-priority unsecured claims against Advanced Marketing will be reduced by the purchase price of the returnable inventory, multiplied by 1.25, according to the filing.

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.

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