Yesterday in bankruptcy court Borders filed a motion asking for an extension on their exclusive period to file (and receive approval) for a reorganization or sale. The current deadline to file a plan is June 16, but Borders wants another four months (also extending the deadline for approval to December 13). In the motion, Borders acknowledges what the creditors have been underscoring since the original court skirmish over the booksellers’ debtor-in-possession financing plan: “if the Debtors are not granted the requested extension of their Exclusive Periods and exclusivity is terminated, they will be in default under their DIP Credit Agreement.” […]