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Unsecured Borders Creditors to Get Close to 10 Cents on Dollar As Liquidation Plan Approved

December 20, 2011
By Sarah Weinman

Federal bankruptcy court put its official stamp on the end of Borders, as the chain’s liquidation plan was approved by Judge Martin Glenn on Tuesday. Approximately 98 percent of creditors holding $211.5 million in debt voted to approve the plan. As previously reported, unsecured creditors owed between $812 millionĀ and $850 million will receive 4 to 10 cents on the dollar, but court papers indicate that recovery may be in the “higher end of the range,” with Borders lawyer Andrew Glenn stipulating in court that percentage may be even higher still, according to Bloomberg. In addition, Borders got the go-ahead to […]

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Filed Under: Agency, Borders, eNews, Finance, Legal

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