AMS Files for Voluntary Bankruptcy Unable to secure new ongoing financing and with its previous loan facility expiring, troubled Advanced Marketing Services (AMS) filed a voluntary Chapter 11 bankruptcy petition yesterday. As part of the filing, the company has in place $75 million in debtor-in-possession financing from Wells Fargo Foothill, subject to the bankruptcy court’s approval. The same lender has been the provider of AMS’s previous loan and security agreements. AMS notes in their announcement that they “explored a number of alternatives to strengthen the Company’s financial base and resolve past legal and regulatory issues.” CEO Gary Rautenstrauch says, “This […]
