$60 Million
Posted by ICv2 on April 29, 2004 @ 11:00 pm CT
Advanced Marketing Services, distributor and parent of Publishers Group West, announced that it has signed a new $60 million credit facility with Wells Fargo Foothill, which replaces a $45 million credit facility from other lenders. In addition to a larger line, which gets AMS out of the tight cash situation it was in during Q1, the new facility will also no longer require that the company get monthly forbearance agreements with its banks because it's out of the covenants (see 'AMS Gets More Time from Banks'). This is the first major public act of the new management team (see 'PGW Parent Gets New CEO'). Viz recently announced that it is leaving PGW for Simon and Schuster (see 'Viz Leaves PGW').