PW: Learningsmith Owes Top Creditors &11.6 Million

Learningsmith, which officially declared that it was going out of business last month (Bookselling, Dec. 20, 1999), owes its top 20 unsecured creditors a total of $11.6 million, according to the bankruptcy petition filed by the company in Boston. Six publishers were among the largest unsecured creditors and are owed approximately $1.3 million, with the biggest debt, $259,914, owed to Klutz.

Other publishers owed money are Workman ($251,025), Penguin ($248,528), Educational Insights ($193,509), Simon & Schuster ($192,203) and DK Multimedia ($181,559).