In re Borders Group, Inc.

Notice of Cancellation of Auction, Bid for 30 Stores

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Borders Group (BGPIQ) Discloses Offer For Inventory & Leases for Approximately 30 Stores; Auction Still Cancelled

In its court filing this afternoon formally announcing the cancellation of tomorrow's auction, Borders Group, Inc. disclosed that it "received a bid from a non-insider to purchase the inventory, furniture, fixtures, equipment and leases for approximately thirty (30) stores." Multiple news organizations have reported that Borders was in discussions yesterday with Books-a-Million on a deal for some Borders stores, but court filings do not disclose the identity of the non-insider bidder.

The court notice states that Borders may seek approval of the sale of the assets related to the 30 stores at Thursday's court hearing "following consultation with the DIP Lenders and the Official Committee of Unsecured Creditors" and if "the bid becomes a Qualified Bid" (as that term is defined in Borders' sale pleadings).

Read more about Borders' failed sale and pending liquidation here: http://blog.ch11cases.com/2011/07/borders-group-bgpiq-cancels-auction.html

A copy of the court notice disclosing the auction cancellation and the existence of this 30 store bid is embedded below. Copies of bankruptcy court documents relating to Borders' sale and liquidation can be found at: http://www.chapter11cases.com/Sales-Non-Ordinary-Course-Transactions_c_23882.html

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Published In: Bankruptcy Updates, Mergers & Acquisitions Updates, Commercial Real Estate Updates

Reference Info:Pleadings | Federal, 2nd Circuit, New York | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Randall Reese, Restructuring Concepts LLC | Attorney Advertising

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