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.
|DVD Round-Up: 'Arrow,' 'Big Bang,' 'Godzilla,' 'Grimm,' & 'XIII'|
|Rolling for Initiative--'Con In Your Store' and the Travails of Games Workshop|
|Confessions of a Comic Book Guy--Variations on a Theme|
|Three New Books for the Business-Inclined Fan|
|DVD Round-Up: 'Captain America: The Winter Soldier,' 'Agents of S.H.I.E.L.D.,' 'Doctor Who,' 'Regular Show'|
|Jay Bardyla of Happy Harbor Comics on Darwyn Cooke Variants|
|Marcus King of Games & Comics on Games Workshop|
|Jim Crocker of Modern Myths on Darwyn Cooke Variants|
|Jim Crocker of Modern Myths on 'Darwynian Selection'|
|Rod Lambertifo of Rodman Comics on WizKids' 'Con In Your Store' Promotion|
|Games Workshop Sales, Profits Decline
As North American Stores CutNearing the end of a reorganization it hopes will turn things around.