Nebraska Book Co. Files Chapter 11
NBC Acquisition Corp., parent company of Nebraska Book Company, the country's third-largest operator of college bookstores, filed for Chapter 11 bankruptcy protection June 27 in what it says is part of a plan to recapitalize its debt. Under the pre-
arranged bankruptcy filing, NBC said it has reached a Restructuring and Support Agreement with its lenders that proposes removing approximately $150 million in debt from Nebraska's prepetition balance sheet while paying general unsecured creditors in full. As part of the plan, Nebraska has obtained commitments for $200 million debtor-in-possession financing. Altogether, the trade debt for the top 28 unsecured creditors totals roughly $10.5 million.
California Passes Online Tax
California's Gov. Jerry Brown signed a bill requiring out-of-state retailers with a presence in the state to collect sales tax on California sales beginning July 1. Amazon.com wasted no time in firing all its affiliates in California. Amazon opposes taxes on outside-of-state online retailers and claims the tax legislation is "unconstitutional and counterproductive."
John Glusman Moves to W.W. Norton
Current W.W. Norton editor-in-chief Starling Lawrence will step down to become editor-at-large at Norton, while John Glusman, v-p, executive editor at Crown, is leaving the house to take the position of editor-in-chief at W.W. Norton.
Cengage Buys NGS School Unit
Cengage Learning has signed a definitive agreement with the National Geographic Society to acquire the organization's digital and print school publishing unit, which includes the elementary science curriculum National Geographic Science series, four National Geographic Explorer! Magazines, and Hampton Brown's literacy and language programs.
Nina von Moltke, v-p, digital publishing development, for Random House, reorganized Fodor's into three working groups and placed Amanda D'Acierno, head of Random House Audio and Living Language, in charge of the travel unit as well. As a result of the changes, Fodor's longtime publisher, Tim Jarrell, left the company.
Carlton Leaves ‘Kirkus'
Bob Carlton has stepped down as v-p and publisher of Kirkus Reviews. A spokesperson for the magazine said there are currently no plans to replace him and that his duties will be assumed by others at the company, including president Marc Winkelman. Carlton joined Kirkus after more than 20 years in the book business, though he had no experience in magazine publishing.
Rapaport Named COO at Chelsea Green
Chelsea Green Publishing named Dave Rapaport associate publisher/COO. Rapaport comes to CG after holding senior positions with Seventh Generation, the green household care products pioneer.