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Borders Dissolution Plan Approved Creditors to Get 10% Date: 12/23/2011 |
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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. |
| Source: ICv2 |
