Borders Notifies Late Filing of Saving Plan Annual Report

July 14, 2011 - PRLog -- FAIRLESS HILLS, Pa. -- Borders Group Inc. informed the U.S. Securities and Exchange Commission that the filing of the annual report for its Saving Plan on Form 11-K for the year ended December 2010 will be delayed, mainly because its efforts have been focused on the demands of its bankruptcy case.

The company is facing bigger challenges in its bankruptcy case as Najafi Cos withdrew its $450 million bid for the bookseller chain's assets late Wednesday.  The bid withdrawal comes after Borders landlords and creditors have expressed concern that the Najafi bid is not an assurance the Borders business will be continued as a going concern upon acquisition.

Details of the latest developments on the Borders case, including the possibly of the company going for liquidation, are available in BORDERS GROUP BANKRUPTCY NEWS, Issue No. 22, published by Bankruptcy Creditors' Service, Inc.

The 11-page newsletter contains stories with these headlines:

[00305] BORDERS FACES LIQUIDATION AS NAJAFI WITHDRAWS $450-MM BID
[00306] NAJAFI NOT COMMITTED TO GOING CONCERN SALE, CREDITORS SAY
[00307] BORDERS MODIFIES PROCEDURES FOR LIQUIDATORS' OPENING BID
[00308] BORDERS WINS APPROVAL OF 2ND AMENDMENT TO $505MM DIP LOAN
[00309] DEBTORS' MOTION TO SELL TORRANCE MORTGAGE LOAN FOR $6.6MM
[00310] DEBTORS' MOTION TO APPROVE HARRISPORT TERMINATION PACT
[00311] LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
[00312] DEBTORS' APPLICATION TO TAP JEFFRIES AS INVESTMENT BANKER
[00313] BORDERS NOTIFIES LATE FILING OF SAVINGS PLAN ANNUAL RPT.
[00314] BORDERS CAUTIONS SHAREHOLDERS ON COMMON STOCK TRADING


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

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