Heritage House buys assets of Greystone Books from D&M Publishers

Heritage House Publishing has acquired all assets of Greystone Books from D&M Publishers Inc.

Rob Sanders immediately resumes his role as publisher – a position he held from 1993 until last year – and Nancy Flight returns as associate publisher, according to a news release issued by Greystone late Thursday.

D&M, Canada's largest independent publisher, filed for creditor protection in October and in early January was granted an extension that was due to expire on Jan. 4.

The Supreme Court of B.C. then granted it a second extension that would have given the Vancouver-based publishing house until Feb. 18 to file a proposal to creditors.

Heritage House president Rodger Touchie initiated the asset purchase, which was approved last week, according to the news release.

The assets "will become the back list and ongoing publishing program for a separate company, Greystone Books Ltd., where [Mr. Sanders] will become a significant shareholder," the news release stated. The new company will be based in Vancouver.

Greystone has published Canadian authors including David Suzuki, Candace Savage and Charlotte Gill.

D&M, whose imprints also includes Douglas & McIntyre, owed a total of $6.2-million to 143 creditors, including authors, literary agents and financial institutions, according to documents filed to the Office of the Superintendent of Bankruptcy Canada.