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 million and $850 million will receive 4 to…
Borders
Borders Creditors Will Get Only 4 to 10 Cents On the Dollar
Borders’ current plan for Chapter 11 liquidation proceedings got a preliminary go-ahead in federal bankruptcy court Monday afternoon, when Judge Martin Glenn signed off on the company’s explanatory disclosure statement of their liquidation program. Borders currently expects to pay unsecured creditors somewhere between 4 and 10 percent of the $812 million to $850 million they are owed….
Borders Creates Liquidating Trust For Remaining Assets As Privacy Objections Continue
Now that Borders has sold its intellectual property and liquidated all remaining stores, the bankrupt retailer said in a court filing Tuesday that it intends to distribute remaining assets that have not been abandoned or sold already through a liquidating trust. “Holders of equity interests shall neither receive nor retain any property under the plan,”…
Borders Website Will Redirect to BN by October 14
As part of a $13.9 million deal approved in federal bankruptcy court late last month, Borders’ website will shut down by October 14 and redirect to BN.com. Over the weekend Barnes & Noble ceo William Lynch wrote a letter to Borders customers outlining the switch — and how to opt out if need be —…
Court Finally Approves BN’s Bid For Borders IP
Federal bankruptcy court Judge Martin Glenn finally approved Barnes & Noble’s $13.9 million winning bid for the bulk of Borders’ intellectual property on Monday afternoon after various privacy concerns voiced last week by an independent ombudsman were worked out by all parties. Reuters reported that at the hearing, Borders lawyer Andrew Glenn said the deal…
BN’s Privacy Issues Are Holding Up the Other Borders IP Sales
A lengthy hearing in federal bankruptcy court Thursday did little to resolve a dispute over recommendations from a consumer privacy ombudsman that leaves Barnes & Noble’s $13.9 million bid for Borders’ intellectual property still in doubt. The asset purchase agreement called for a “drop-dead” deadline of September 30, but Judge Glenn flat-out said there was…
