After weeks of credible speculation and reporting, LSC Communications announced clarity around its reorganization plans, which includes filing for Chapter 11 bankruptcy with the Southern District of New York. The company was left with few option after accumulating at least $893 million in debt, and a balance sheet that saw continued declines, capped off by a 17% year-over-year drop in revenue in the fourth quarter of 2019. According to a company statement, it has “sufficient liquidity to continue operating its business,” which should have several publishers across the U.S. breathing a sigh of relief, at least for now. LSC is the largest book printer in the country, and also boasts a sizable clientele of magazines. In addition to filing for bankruptcy, the company secured $100 million in additional cash in debtor-to-possession financing from undisclosed lenders. It has also filed a number of “customary motions” to ensure it maintains business as usual and doesn’t fall behind in vendor payments. We previously reported that the failed merger with Quad/Graphics last year left LSC in a vulnerable position and that the company was closing as eight of its manufacturing plants across the country as one step forward in its plans to stabilize the organization. This was again addressed again by CEO Thomas Quinlan in today’s statement. “Since the termination of our merger… [we] have taken proactive and aggressive steps to improve our overall cost structure and streamline our... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-04-13 15:00:01 UTC ]
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#manufacturing platform
#restructuring plan
#magazine publishing
#largest book
Analysts have predicted profits at W H Smith will top the £100m mark when the high street... Continue reading at The Bookseller
[ The Bookseller | 2012-10-08 00:00:00 UTC ]
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#high street
Former Waterstones m.d. Tim Coates plans to help campaigners re-open Kensal Rise Library by... Continue reading at The Bookseller
[ The Bookseller | 2012-08-28 00:00:00 UTC ]
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#kensal rise
Early this week news broke that Google is acquiring the venerable guidebook publisher Frommers. That comes on the heels of the search giant's eye-opening deal to purchase Zagat last year. It can't be that Sergey and Larry just like to travel. Rather it seems clear that Google has a plan to... Continue reading at AdWeek
[ AdWeek | 2012-08-16 00:00:00 UTC ]
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#search giant
After a round of key filings, two Authors Guild cases challenging Google’s ambitious library book-scanning program are on schedule for early fall trial dates. Final reply briefs were filed July 27 for the Authors Guild v. HathiTrust, with that case now fully briefed and all but set for a... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-08-03 00:00:00 UTC ]
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#google case
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Now that the legal dust has settled and Google's publishing woes in 'ol Gaul have been swept under the rug, it's back to business as usual. Starting today, the land of Jerry Lewis lovers will have access to books on Google Play, making it the fifth European country to participate in Mountain... Continue reading at Engadget
[ Engadget | 2012-07-19 00:00:00 UTC ]
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#mountain view
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Cornerstone thriller writer James Patterson has become only the third author to break the £... Continue reading at The Bookseller
[ The Bookseller | 2012-07-06 00:00:00 UTC ]
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Publisher Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy protection Monday but expects to emerge from restructuring by the end of June.Publisher Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy protection Monday but expects to emerge from restructuring by the end of June. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-05-21 00:00:00 UTC ]
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#curious george
Plain, ordinary text files aren’t normally the most interesting ways to convey information, but if you’d like to change that then Toolwiz FlipBook may be able to help. Just point the program at a particular TXT file, and in a click it’ll be converted into an executable file. And launching this... Continue reading at Betanews
[ Betanews | 2012-05-18 00:00:00 UTC ]
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#txt file
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DALLAS, TX, May 18, 2012 – AIM Media Texas, LLC (“AIM” or the “Company”) announced today that it has reached agreement to acquire the Texas print and online newspaper publishing assets from Freedom Co ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-05-18 00:00:00 UTC ]
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Pearson increased sales by 11% to £1.16bn in the first three months of 2012, it announced... Continue reading at The Bookseller
[ The Bookseller | 2012-04-27 00:00:00 UTC ]
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#quarter sales
Last week, the Department of Justice filed a lawsuit against Apple and five publishers for allegedly colluding on ebook prices, and class-actions suits in the U.S. continue. Three Canadian law firms are filing class-action suits against as well ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-04-19 00:00:00 UTC ]
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#allegedly colluding
Apple Inc. says the accusation that it conspired with major book publishers to raise the price of ebooks is untrue.Apple spokesman Tom Neumayr says that, contrary to allegations in lawsuits by the Justice Department and 15 states, Apple fostered innovation and competition by introducing its... Continue reading at Crains New York
[ Crains New York | 2012-04-14 00:00:00 UTC ]
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The U.S. Department of Justice has filed an antitrust lawsuit against Apple and five book publishers for alleged ebook price fixing the Wall Street Journal... Continue reading at PC World
[ PC World | 2012-04-11 00:00:00 UTC ]
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The U.S. filed an antitrust lawsuit against Apple Inc., Hachette SA, HarperCollins, Macmillan, Penguin and Simon & Schuster in New York district court, claiming collusion over eBook pricing. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-04-11 00:00:00 UTC ]
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Yahoo files papers outlining ways of scattering adverts through digital books based on what is being read. Continue reading at BBC World
[ BBC World | 2012-04-09 00:00:00 UTC ]
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Book chain Selexyz, not long ago the dominant force in Dutch high street bookselling, is on the... Continue reading at The Bookseller
[ The Bookseller | 2012-03-29 00:00:00 UTC ]
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Oddly, Random House deciding to triple the price of its ebooks for libraries is being considered a compromise. While others, like Penguin, are pulling their electronic tomes from the virtual shelves of our lending institutions, Random House is at least willing to still play ball -- even if it's... Continue reading at Engadget
[ Engadget | 2012-03-05 00:00:00 UTC ]
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Children's publisher Ragged Bears Publishing has filed for administration. The independent... Continue reading at The Bookseller
[ The Bookseller | 2012-02-29 00:00:00 UTC ]
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Communications agency Four Communications Group has bought a 60% stake in consultancy Colman... Continue reading at The Bookseller
[ The Bookseller | 2012-02-21 00:00:00 UTC ]
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#colman getty
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Crowd-funding, the technical term for fund-raising sites like Kickstarter.com, has been an increasingly popular way for cartoonists to raise money to publish independent comic and graphic novel projects. While Kickstarter has just hit a new high point with the funding of the first $600,000... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-10 00:00:00 UTC ]
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