OCLC Makes Offer for Netlibrary
Subject to the approval of the bankruptcy court, OCLC Online Computer Library Center announces that it has made an offer to purchase substantially all the assets of netLibrary and assume certain netLibrary liabilities. netLibrary is a leading provider of eBooks, eTextbooks and Internet-based content/collection management services.
Concurrently, netLibrary announced that it has voluntarily filed a petition with the U.S. Bankruptcy Court for the District of Colorado for relief under Chapter 11 of the U.S. Bankruptcy Code. The transaction includes a loan from OCLC, to be repaid upon the consummation of the asset sale, to fund netLibrary\'s on-going operations through the transition period. OCLC\'s purchase of netLibrary\'s assets and its operating-funds loan to netLibrary are both subject to approval of the bankruptcy court.