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Anime News

Baker & Taylor Responds to Downgrading Citing Increased Cash Flow
Date: 3/31/2009
The Charlotte N.C.-based Baker & Taylor, a key distributor of books, DVDs and CDs, has denied reports that it is in danger of defaulting on its obligations or filing for Chapter 11 bankruptcy protection. Baker & Taylor, which is owned by private equity firm Castle Harlan Partners, bills itself as the ?world?s largest distributor of books and entertainment.? In 2006 B&T had sales of $2.2 billion and employed 3,750.



In February Moody?s Investor?s Services downgraded Baker & Taylor to a "B3" rating. B&T?s EVP of marketing Kimberly Kuo criticized the downgrade saying that it didn?t reflect the distributor?s daily operations and cash flow. Kuo told Home Media that B&T had been able to increase cash flow by 25% and had plenty of liquidity ($110 million), saying: ?We are a long way from not paying our bills.?
Source: ICv2