LSC Communications has until the end of the month to make a formal decision on whether to plan to exit chapter 11 through a sale or a restructuring, a deadline that’s part of the terms of a $100 million DIP financing package approved by US Bankruptcy Judge Sean Lane at a June 1 hearing. That allows LSC to draw down the remaining $27.5 million of the financing. The final terms of the financing agreement included an automatic 90-day maturity extension if the company chooses to restructure, and eliminated a requirement that potential buyers be willing to assume the prepetition revolving […]
Archives for June 2020
People, Etc.
Celia Lee rejoins Scholastic’s trade division as senior editor, Cartwheel and Orchard, moving over from Scholastic Book Clubs’ We Need Diverse Books partnership. Lori Wieczorek also moves over from clubs, as editor, licensing, media, and brands. Michael Petranek has been promoted to executive editor and manager, AFK and Graphix Media. Sales News NPD Bookscan issued sales for the week ending May 30, with total print sales down from the previous week, but still running well ahead of the same week a year ago. The service tracked sales of 12.55 million units, compared to 13.27 million units a week ago (when sales […]
Moreno-Garcia’s Mexican Gothic Tops July Indie Next List
The ABA named Mexican Gothic by Silvia Moreno-Garcia as its Indie Next No. 1 pick for July. Also on the list is Julie Clark’s The Last Flight, excerpted and available for download now in our Buzz Books 2020 Spring/Summer sampler. The rest of the picks: Take a Hint, Dani Brown, by Talia Hibbert The Girl From Widow Hills, by Megan Miranda The Safe Place, by Anna Downes The Only Good Indians, by Stephen Graham Jones Survivor Song, by Paul Tremblay Fresh Water for Flowers, by Valérie Perrin The Lost and Found Bookshop, by Susan Wiggs Florence Adler Swims Forever, by […]
Lagardere Publishing Divisions, Bloomsbury Will Also Avoid Frankfurt
Lagardere Publishing has joined Simon & Schuster, HarperCollins, Macmillan and others in announcing that none of its divisions from around the world will attend the Frankfurt Book Fair this year: “After carefully reflecting on the situation and also taking into consideration the health and safety of our employees and partners, we’ve decided that Hachette Livre France, Hachette UK, Hachette Book Group and Grupo Anaya (Hachette España) will not exhibit at the Frankfurt Book Fair this year. We’ll follow with great interest the virtual and digital solutions which are being developed by Frankfurt Book Fair to provide new ways of connecting […]
Briefs
Relief Simon & Schuster announced a new program to help indie bookstores impacted by COVID-19. The program includes “dating on open invoices (customers should contact their CFS credit representative to discuss options), extra discount and dating for a reopening order between now and the end of August, and enhanced terms for orders during the Fall bookselling season. Booksellers should contact their sales representatives for more information.” Events Helping to answer the question of how do you explain this to your children, a virtual #Kidlit Rally for Black Lives, organized by authors Kwame Alexander, Jacqueline Woodson, and Jason Reynolds, and hosted […]
Judge Throws Out Lenny Dykstra’s Defamation Suit
A New York Supreme Court judge dismissed former NY Mets player Lenny Dykstra’s defamation and libel lawsuit against Ron Darling, ruling that Dykstra’s “reputation for unsportsmanlike conduct and bigotry is already so tarnished that it cannot be further injured.” Dykstra claimed that Darling owed him monetary, compensatory, and punitive damages for writing in his book 108 Stitches that Dykstra had shouted “every imaginable and unimaginable insult and expletive …. foul, racist, hateful, hurtful stuff” at Red Sox pitcher Dennis Boyd while he was warming up for Game 3 of the 1986 World Series, which Boston went on to lose. In […]