Print View

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.
Live Action Frazetta Movie
'Fire and Ice'
The remake of Fire and Ice by Robert Rodriguez is going to Sony.