EBSCO set to buy troubled RoweCom.In papers filed with United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , District of Massachusetts, Eastern Division (March 3, 2003), the U.S. subscription agency RoweCom Inc. has indicated its intention to sell the company "and certain of its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. and all of their assets free and clear of all liens, claims and encumbrances ... on an 'as is, where is' basis, all as set forth in an asset purchase agreement by and between RoweCom ... and EBSCO Industries EBSCO Industries is a privately held, widely diversified corporation with headquarters in Birmingham, Alabama. It was founded in 1944 by Elton B. Stephens (hence the EBSCO acronym Elton B Stephens COmpany). Inc., a Delaware corporation. "The proposed purchase price is $3,466,000 million [sic] in cash." Publishers who have signed and returned the RoweCom Prepaid Order Agreement, and who are owed money by RoweCom, stand to receive what is owed them once the deal is completed. EBSCO EBSCO Elton B. Stephens Company said such a completion is contingent on the U.S. bankruptcy court's approval, EBSCO's successful closing on its deal to buy RoweCom's European operations, and the agreement to the deal by publishers representing at least half the outstanding money owed. EBSCO expects French regulatory approval of the European deal by the end of March. |
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