LSC Communications Prepares Bankruptcy Filing As Shareholder Revolts

Weeks after issuing an earnings that report that revealed the company lost $295 million last year, publication printer LSC Communications is preparing to file for Chapter 11 bankruptcy, Bloomberg reports, citing "people with knowledge of the plans." The news comes less than a year after the company called off a proposed merger with its chief competitor, Quad/Graphics, following a Justice Department challenge on antitrust grounds. Since then, LSC, the nation's largest book printer in terms of market share, has looked to reduce its position in magazine and catalog printing, closing or planning to close eight manufacturing plants in order to narrow its focus on its books business. Quad/Graphics, meanwhile, has been moving in the opposite direction, as the pseudonymous writer D. Eadward Tree points out, seemingly creating two separate lanes in which the companies can maintain dominant positions unimpeded. More immediately concerning for LSC is the need to reconcile its $893 million in debt against diminishing revenues, which declined 17% year-over-year in the fourth quarter of 2019 to $778 million. Concurrent with the earnings report on March 2, LSC announced that as of December 31, 2019, it fell into noncompliance with its financial covenants, essentially in danger of defaulting on its loans because its debt-to-equity ratio now exceeds the maximum level permitted in its agreements with lenders. The company says it's reached a forbearance agreement with its lenders,... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2020-03-25 18:34:08 UTC ]
News tagged with: #takeover bid #general partner #manufacturing platform #developing story #largest book

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Global Publishing Summit Recap: prepare for a world without cookies

If you were listening in to our Global Publishing Summit on February 24-26, you’re probably still processing the wealth of insights, tips and strategies shared by all the speakers we heard from over the course of the summit. If you weren’t able to attend, fear not: we’re here to distill the key... Continue reading at Digiday

[ Digiday | 2021-03-08 05:01:00 UTC ]
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Orion unveils 'supercharged' communications revamp

Orion has reshaped its marketing and publicity teams to create a “supercharged” communications department. Continue reading at The Bookseller

[ The Bookseller | 2021-02-26 04:57:21 UTC ]
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WI16: Booksellers Told to Prepare for Constant Disruption

Author Brené Brown offered the keynote talk on the final day of the ABA's Winter Institute and urged booksellers to improve their communication skills and not to anticipate a return to normalcy, but to prepare for a future of constant disruption. Continue reading at Publishers Weekly

[ Publishers Weekly | 2021-02-22 05:00:00 UTC ]
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The StoryGraph enjoys upwards trajectory and prepares premium subscription model

Nadia Odunayo, who was one of the keynote speakers at last year’s virtual FutureBook Conference, reveals the story of the growth of The StoryGraph­—and its hopes for the future. Continue reading at The Bookseller

[ The Bookseller | 2021-01-21 14:49:59 UTC ]
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W H Smith delays Cowling pay rise after shareholders object

W H Smith has delayed a £25,000 pay increase for c.e.o. Carl Cowling after 33% of voting shareholders opposed the company's remuneration plans at this week's annual general meeting. Continue reading at The Bookseller

[ The Bookseller | 2021-01-20 17:11:37 UTC ]
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Foundry Literary's Cofounder Files Suit Against Former Partner

Peter McGuigan, the cofounder of Foundry Literary + Media, filed a lawsuit against his former business partner, Yfat Reiss Gendell, on Friday. The suit claims that Gendell made illegal withdrawals of more than $860,000 from the former partners' literary agency. Continue reading at Publishers Weekly

[ Publishers Weekly | 2021-01-19 05:00:00 UTC ]
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Class suit filed against Amazon for e-book price fixing in US

Amazon is being sued for anti-competitive behaviour in the United States by the same law firm that successfully sued Apple and five major publishers for colluding to fix e-book prices in 2011. Continue reading at The Bookseller

[ The Bookseller | 2021-01-17 12:13:54 UTC ]
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HCG to publish monster fact files with Banville and Winter

Hachette Children’s Group has acquired a non-fiction collection of 100 "weird and wonderful" creatures by author Sarah Banville and illustrator Quinton Winter who worked on Stories for Boys Who Dare to be Different.  Continue reading at The Bookseller

[ The Bookseller | 2020-11-01 21:30:53 UTC ]
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Vivendi loses legal ruling as Lagardère shareholder tussle intensifies

The Paris commercial court has rejected the demand by Vivendi SE and the UK's Amber Capital for Hachette Livre parent company Lagardère SCA to hold an early extraordinary shareholders meeting. Continue reading at The Bookseller

[ The Bookseller | 2020-10-15 11:42:49 UTC ]
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Chelsea Green Prepares Naomi Wolf Release

As Chelsea Green prepares to release Naomi Wolf's previously-cancelled 'Outrages,' it’s the politics of American publishing that worry publisher Margo Baldwin. "You can disagree with me. But you don’t get to tell me what I can publish or not publish," Baldwin said. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-10-05 04:00:00 UTC ]
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Third of Pearson's shareholders vote against CEO's £7.2m pay package

Former Disney chairman Andy Bird is to take up job at education publishing group in OctoberPearson has suffered a significant shareholder revolt against controversial changes to its remuneration policy, which will grant its new chief executive a multimillion-dollar pay package.Almost a third of... Continue reading at The Guardian

[ The Guardian | 2020-09-18 14:02:55 UTC ]
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Preparing for the Post-Sargent Era

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[ Publishers Weekly | 2020-09-18 04:00:00 UTC ]
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Private Equity Firm Agrees to Buy LSC

The private equity firm Atlas Holdings, with the support of a creditor group, has agreed to acquire LSC Communications in a deal that is expected to close before the end of the year. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-09-15 04:00:00 UTC ]
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Mosse reflects on 25 years of the Women’s Prize as 2020 event prepares to go online

A quarter of a century after the Women’s Prize for Fiction launched, co-founder Kate Mosse looks at how it has helped to change the publishing landscape and looks ahead to its virtual ceremony. Continue reading at The Bookseller

[ The Bookseller | 2020-09-04 15:39:23 UTC ]
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LSC Auction Delayed Until September 9

The auction to acquire the assets of LSC Communications, which was to take place on September 3, has been postponed until September 9. Bids for the company have not yet been made public. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-09-02 04:00:00 UTC ]
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OUP appoints Lisa Attenborough as group communications director

Oxford University Press has appointed Lisa Attenborough as its new group communications director. Continue reading at The Bookseller

[ The Bookseller | 2020-09-02 03:02:21 UTC ]
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LSC Granted a Week's Extension in Auction Process

Buyers considering a purchase of the printing giant's assets now have until August 26 to file a bid, and the auction has been moved to September 3. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-08-18 04:00:00 UTC ]
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How to open a bookstore during a pandemic: Prepare for delays and lots of cleaning.

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Bluebird to reveal Christine Hunger's dog communication techniques

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Booksellers prepare for introduction of mandatory face masks

Booksellers are preparing themselves for customers’ mandatory use of face masks in shops from 24th July, expressing some misgivings, particularly should they be required to enforce the government’s new rules.  Continue reading at The Bookseller

[ The Bookseller | 2020-07-15 03:08:25 UTC ]
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