Jim Milliot reports that Baker & Taylor filed for Chapter 11 in New Jersey after the library wholesaler's closure and liquidation raised questions about where cash from asset sales landed. The filing sketches tiny estimated assets against nine-figure liabilities and a very long tail of unsecured creditors across publishers, distributors, and even some library systems.
Penguin Random House appears among the largest unsecured creditors in the documents PW quotes, with other major houses and industry vendors also listed for serious sums. For working writers the lesson is indirect but real: when a big channel collapses, invoices and credit risk ripple through publishers and can tighten budgets far from the loading dock where the story starts.
(Shortened and summarised to avoid devaluing the source)