Borders Cancels June 20 Auction for Liquidating Agent

June 16, 2011 - PRLog -- FAIRLESS HILLS, Pa. -- Borders Group, Inc. has cancelled an auction scheduled for
June 20, 2011, for the selection of a liquidating agent to conduct closing sales on its recent 51-store list.  The bookchain's decision on the auction after it negotiated a tentative deal with its lenders that could help avoid store closings.

Borders was also able to get consent from landlords of 11 leases, subject to the closing store sales, for an extension of the time by which it must decide on those leases.

More Borders news, including a June 20 court hearing on the company's store closing sales motion, is available at BORDERS GROUP BANKRUPTCY NEWS, Issue No. 18, published by Bankruptcy Creditors' Service, Inc.

The 13-page newsletter contains stories with these headlines:

[00268] BORDERS CUTS TENTATIVE LENDER DEAL TO AVOID CLOSING SALES
[00269] BORDERS GETS CONSENT FOR LEASE EXTENSIONS AT 11 STORES
[00270] DEBTORS' MOTION TO ASSUME AND ASSIGN LEASES TO TJX
[00271] DEBTORS' MOTION TO EMPLOY ORDINARY COURSE PROFESSIONALS
[00272] COMMITTEE'S APPLICATION TO RETAIN LOWENSTEIN SANDLER
[00273] DEBTORS' NOTICE TO REJECT LEASE PACTS W/900 STATE, ET AL.
[00274] LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
[00275] ACORN MEDIA'S MOTION TO ALLOW $73,845 ADMIN. CLAIM
[00276] STIPULATIONS EXTENDING TIME TO ASSUME OR REJECT LEASES
[00277] CLAIM TRANSFERS -- May 2011


A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS... for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.

BORDERS GROUP BANKRUPTCY NEWS tracks the restructuring of Borders Group Inc (MI).

How to Subscribe to BORDERS GROUP BANKRUPTCY NEWS

BORDERS GROUP BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

To continue receiving BORDERS GROUP BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=BORD...