Struggling under an involuntary Chapter 7 liquidation filing from a group of creditors, Washington, DC-area bookseller Olsson’s was granted a conversion to Chapter 11 status by a Federal Bankruptcy court of Maryland last Friday. Olsson’s listed assets of $929,428 and liabilities of $1,951,629. In a filing from three major publishers, Random House has an unsecured claim of more than $175,000, while Penguin’s claim is more than $171,500 and Hachette is owed just under $40,000. Principal owner John Olsson still expresses hope that the store group will “maintain operations while implementing a plan for successful restructuring.” Comptroller says all they need […]
