Borders Notifies Late Filing of Saving Plan Annual Report

BCSI reports on latest events arising in the chapter 11 cases commenced by Borders Group Inc (MI).
 
 
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Tags:
Borders
Borders bankruptcy
Najafi
Liquidation
Late Filing
Going Concern
Chapter 11

Industrys:
Books
Retail

Location:
Fairview Hills - Pennsylvania - US

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


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...
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