Borders Dissolution Plan Approved
Creditors to Get 10%
Published: 12/21/2011 12:26am
A federal bankruptcy court has approved Borders final plan to dissolve, according to Bloomberg. The plan will pay unsecured creditors, who are owed over $800 million, toward the top end of a 4% to 10% range on their debt. Secured creditors of $2 million and priority tax liabilities of $14 million will be paid in full. Around 98% of creditors voted to approve the plan.
Borders’ sale of its 10% stake in e-reader company Kobo for $27 to $32 million was also approved.
Borders began liquidation last summer after efforts to find a way to save some stores failed (see “Bye Bye Borders”). Inventory and fixtures were liquidated, and intangible assets were auctioned (acquired primarily by Barnes & Noble, see “Borders Assets Auctioned”).
Borders had over 600 bookstores at the beginning of 2011.
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