Newsletter

They Even Bought The Kitchen Sink!

Kitchen Sink Press has been purchased by Disappearing Inc, a corporation owned by an investor group led by TV producer Fred Seibert. Siebert, an independent TV and film producer based in Los Angeles, is affiliated with MTV, Nickelodeon and other MTV Networks. The Kitchen Sink imprint and other assets were purchased from Kitchen Sink Entertainment, Inc., the previous holding company, in a foreclosure sale.

Denis Kitchen will be the president, publisher and CEO of the new company and his brother James will be vice president of production and product development.

The reorganized and refinanced publishing company will move to new headquarters this month and begin hiring back many of the editors, designers, and other employees who were laid off by KSP earlier in the year.

"After nearly a year of corporate turmoil, it's exhilarating to once again be able to focus on editorial issues, which have always been our great strength," said Kitchen. "We hope to restore the loyalty of our fans and wholesale customers who experienced disrupted service. The new company will be back with first-rate books, comics, and new product in short order."

KSP also announced its board of directors will be comprised of Will Eisner, Denis Kitchen, and Seibert.

Disappearing Inc., under the Kitchen Sink Press imprint, will resume publishing in October with the release of The R. Crumb Coffee Table Art Book. The publishing schedule for the company will resume completely in December.

Marvel Bankruptcy Woes Continue

Toy Biz Inc. said many "significant business issues" remain unresolved in its talks with Marvel Entertainment Group Inc. and its senior secured lenders on a plan to combine the two companies. On Aug. 28, Marvel said it is "unlikely" that a previously announced agreement in principle between the company, its lenders, and Toy Biz can be reached. Marvel said it is negotiating with its lenders regarding alternatives for the company's reorganization. If a settlement cannot be reached with its bank group, Marvel said it may need to seek other forms of bankruptcy protection or to dismiss the Chapter 11 proceeding. Marvel said the court told the parties to continue negotiating. On July 10, Toy Biz agreed in principle with Marvel, the principal unsecured creditors of Marvel's holding companies, and Chase Manhattan Corp., which is one of Marvel's principal secured creditors, "on certain key economic terms of an arrangement" to combine the two companies.

"Oy Vey!"

On December 27, 1996, Marvel filed a voluntary petition for reorganization in the U.S. Bankruptcy Court for the District of Delaware. Marvel's publishing, licensing, distribution, and trading card businesses also filed Chapter 11 petitions. Toy Biz (which is an independent company), Marvel's profitable Panini subsidiary in Italy, nor its Restaurant Ventures affiliate were affected.