Think reality TV is stressful? Try reality publishing.
The game works like this: Jack Stoddart’s General Publishing Company Limited owes its creditors $45.7-million. And starting April 30, it has thirty days and a million bucks to come up with a restructuring plan.
General’s creditors include the Bank of Nova Scotia and the Government of Canada … and around half of the literary small presses in the country. You can bet your last book that the banks and other large creditors — such as Douglas & McIntyre and Key Porter Books — will see their money, or most of it. These creditors can afford to sue, which would make matters much worse for General.
But the little presses, always pressed for cash and resources, will be the first ones pushed off the island.
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