Advanced Marketing Services Announces Completion of Sale of Majority of its Assets
SAN DIEGO, Mar 21, 2007 (BUSINESS WIRE) -- Advanced Marketing Services, Inc. (Pink Sheets: MKTS) (the "Company"), today announced that it has completed the sale of the majority of its assets to Baker & Taylor, Inc. ("B&T"), the world's largest book distributor, pursuant to an Asset Purchase Agreement dated February 16, 2007, as amended.
The Company filed a petition pursuant to chapter 11 of the Bankruptcy Code on December 29, 2006, and became a debtor-in-possession. The sale to B&T was conducted pursuant to Section 363 of the Bankruptcy Code, was subject to an auction process, and was approved by the United States Bankruptcy Court for the District of Delaware on March 9, 2007. No other bids were received.
The Company previously entered into a purchase agreement with Perseus Books, L.L.C., in connection with the sale of certain assets of the Company's Publishers Group West Incorporated subsidiary; that sale also was approved by the Bankruptcy Court.
The Company also announced that, as contemplated following the completion of the sale to B&T, Curtis R. Smith, the Company's Executive Vice President and Chief Financial Officer, has succeeded Gary M. Rautenstrauch as the Company's Chief Executive Officer. Mr. Smith will supervise the final winding-down of the Company's business operations. Mr. Rautenstrauch will remain a member of the Company's Board of Directors.
Finally, the Company announced that, in connection with the pending chapter 11 proceeding, it is not anticipated that any payments will be made with respect to outstanding shares of the Company's common stock.
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