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Swets

Royal Swets & Zeitlinger Holding NV (Koninklijke Swets & Zeitlinger Holding NV), operating under the trade name Swets, is a group of information services companies operating worldwide as an intermediary between publishers and libraries. Swets provides overall management and processing of subscriptions to scientific and professional printed and electronic publications for libraries. The parent company of Royal Swets & Zeitlinger Holding is Swets & Zeitlinger Group BV, and its main trading subsidiary is Swets Information Services BV. The Swets companies were progressively declared bankrupt between September and November 2014.

Swet's 2013 annual report, released on 8 August 2014, included the following market update report: "2013 was a turbulent year for Swets. It has become clear that the intended transformation of Swets requires more capital and scale than is currently available. The ultimate shareholders of Swets Group in close the lenders have decided to put all shares of Royal Swets & Zeitlinger Holding N.V. up for sale and have initiated a competitive auction process with a planned sale in Q3 2014. The lenders support the plan and have decided to postpone the demand for repayment as long as the execution of the sales process develops according to the plan". The market update further stated that as Swets had "failed to meet its covenant requirements related to the long term financing. As a consequence of this breach the lenders are entitled to demand immediate repayment." The problems were attributed to the move from print to digital publishing, which has lower commissions, and facilitates direct publisher–customer relationships in place of intermediaries.