If you were a Publishers Group West publisher about to enter into an agreement with Perseus for 70 percent on the dollar to take over your holdings, there’s a new offer on the table. The independent distributor National Book Network (NBN) sent a memo yesterday to PGW publishers explaining their terms, which include payment of 85 cents on the dollar for claims against the bankrupt estate, a contract extension of three years, and a continuation of the existing PGW contract with the following modifications:
– no free freight so you will not be asked to help pay for it.
– a credit for returns the same month in which returns are processed by NBN.
– no contribution to the cost of co-op.
– clients pay a small fee for pages in the NBN seasonal sales catalogs.
Radio Free PGW is “very impressed with NBN and decided days ago that NBN would be our new home,” so they view today’s offer as “very rewarding.”