Borders Modifies Trade Terms With Vendors, Sets $8MM for Bonuses

FAIRLESS HILLS, Pa. -- Borders Group Inc. has sought court approval of modified trade terms to be applied to its relationship with its vendors.  Among other things, Borders want to reduce the amount of goods returned to vendors.

 

Borders is also earmarking $8.3 million for key employee bonuses and retention payments.  About $7.1 million of the amount consists the maximum range of incentive payments that can be made available to the company's top executives upon the achievement of target goals.

 

Detailed terms of Borders' proposed key employee incentive and retention plans and the creditors committee's proposed information protocol is available at BORDERS GROUP BANKRUPTCY NEWS, Issue No. 8, published by Bankruptcy Creditors' Service, Inc.

 

 

The 17-page newsletter contains stories with these headlines:

 

[00125] BORDERS BEGINS LIQUIDATION OF 26 ADDITIONAL STORES

[00126] PUBLISHERS REMAIN CAUTIOUS OF BORDERS' BANKRUPTCY PLAN

[00127] DEBTORS' MOTION FOR KEY EMPLOYEE BONUS/RETENTION PLANS

[00128] BORDERS GETS FINAL APPROVAL OF $505MM DIP CREDIT FACILITY

[00129] DEBTORS' MOTION TO MODIFY TRADE TERMS WITH VENDORS

[00130] COMMITTEE'S MOTION TO OKAY CREDITOR INFORMATION PROTOCOL

[00131] COVENTRY RETAIL'S MOTION TO LIFT STAY TO EVICT DEBTOR

[00132] SN WARRANTY'S MOTION TO COMPEL LEASE DECISION

[00133] CIRQUA'S LETTER SEEKING PAYMENT OF $66,480 INVOICE

[00134] ENTITIES FILE NOTICES OF SUBSTANTIAL STOCK OWNERSHIP

[00135] SCHOLASTIC POSTS $3.5MM BORDERS-RELATED BAD DEBT EXPENSE

[00136] BORDERS STORES TO HOST LEGO EVENT FOR KIDS ON MARCH 26

 

 

A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP for $45.  Copies of all back issues are also available for purchase at BCSI's on-line newsstand.

 

BORDERS GROUP BANKRUPTCY NEWS tracks the restructuring of Borders Group Inc (MI).

 

How to Subscribe to BORDERS GROUP BANKRUPTCY NEWS

 

BORDERS GROUP BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

 

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