Borders To Start Aggressive Timetable to Sell Business

BCSI reports on latest events arising in the chapter 11 cases commenced by Borders Group Inc (MI).
By: Bankruptcy Creditors Service, Inc.
 
June 26, 2011 - PRLog -- FAIRLESS HILLS, Pa. -- Borders Group, Inc. is ready to embark on an "aggressive timetable" to sell its business after Judge Martin Glenn granted approval for the company's entry into a second amendment of its $505 million bankruptcy financing facility.  The bookseller chain aims to complete the sale process by the end of next month.

Judge Glenn was reluctant to grant approval of a $1 million financing amendment fee.  

More stories on the Borders case are available at BORDERS GROUP BANKRUPTCY NEWS, Issue No. 20, published by Bankruptcy Creditors' Service, Inc.  

The 16-page newsletter contains stories with these headlines:

[00290] BORDERS WINS APPROVAL OF 2ND AMENDMENT TO $505MM DIP LOAN
[00291] COURT RELUCTANTLY APPROVES $1-MIL. DIP LOAN AMENDMENT FEE
[00292] BORDERS CAN START AGGRESSIVE TIMETABLE TO SELL BUSINESS
[00293] DEBTORS' MOTION TO SELL TORRANCE MORTGAGE LOAN FOR $6.6MM
[00294] DEBTORS' MOTION TO APPROVE HARRISPORT TERMINATION PACT
[00295] DEBTORS' APPLICATION TO EMPLOY MORTAGE CORP. AS BROKER
[00296] BANKRUPTCY PROFESSIONALS FILE FEE APPLICATIONS


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...
End
Source:Bankruptcy Creditors Service, Inc.
Email:***@bankrupt.com
Zip:19030
Tags:Borders, Borders bankruptcy, DIP Facility, Second Amendment, Amendment Fee, Going Concern Sale, Chapter 11
Industry:Books, Retail
Location:Fairless Hills - Pennsylvania - United States
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