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Court documents reveal D&M sale in the works

The Canadian book world was cheered by the news, announced late Thursday, that Greystone Books has found new life under the ownership of Rodger Touchie’s Heritage House Publishing. But that’s not the only news affecting authors associated with D&M Publishers, of which Greystone was one of three publishing divisions.

According to documents filed with the Supreme Court of British Columbia, two significant transactions were approved by the court on Jan. 25. In addition to the sale of the Greystone imprint for $480,000, shares of the Gabriola Island“based imprint New Society Publishers were also sold for $600,000.

The purchasers of the latter are New Society’s founders, Judith and Christopher Plant, as well as the investment firm Renewal Partners Company. The Plants had sold New Society to D&M Publishers in 2008 and were listed as major creditors when the new owner filed a notice of intention on Oct. 22.

That leaves only the Douglas & McIntyre imprint, whose authors include Wade Davis, Wayson Choy, and Johanna Skibsrud, looking for a purchaser or investor. According to a report submitted on Wednesday by the company’s trustee, The Bowra Group, an offer has been received for Douglas & McIntyre and an asset purchase agreement is being finalized. The trustee is seeking to extend creditor protection until April 4 in order to close the deal.

If such a deal were completed, D&M Publishers would avoid bankruptcy and be eligible to continue receiving federal and provincial grants.

If an extension is not granted, D&M Publishers would have until Feb. 18 to file a proposal.