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:
 BORDERS FACES LIQUIDATION AS NAJAFI WITHDRAWS $450-MM BID
 NAJAFI NOT COMMITTED TO GOING CONCERN SALE, CREDITORS SAY
 BORDERS MODIFIES PROCEDURES FOR LIQUIDATORS' OPENING BID
 BORDERS WINS APPROVAL OF 2ND AMENDMENT TO $505MM DIP LOAN
 DEBTORS' MOTION TO SELL TORRANCE MORTGAGE LOAN FOR $6.6MM
 DEBTORS' MOTION TO APPROVE HARRISPORT TERMINATION PACT
 LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
 DEBTORS' APPLICATION TO TAP JEFFRIES AS INVESTMENT BANKER
 BORDERS NOTIFIES LATE FILING OF SAVINGS PLAN ANNUAL RPT.
 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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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.
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