Thursday, March 17, 2011

Court Directs Borders to Make Changes to DIP Loan

FAIRLESS HILLS, Pa. -- Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York said he will give final permission to Borders Group, Inc. and its debtor affiliates for access to a $505 million financing facility provided that the Debtors make certain changes to their credit agreement with lenders led by GA Capital LLC.

Borders has also been allowed more time to make decisions on its unexpired leases through September.

More news on the Borders' case, including several court orders with respect to utility injunction, pre-bankruptcy taxes, insurance programs, vendor obligations, and retention of certain bankruptcy professionals, are in BORDERS GROUP BANKRUPTCY NEWS, Issue No. 6 published by Bankruptcy Creditors' Service, Inc.


The 17-page newsletter contains stories with these headlines:

[00075] DEBTORS' MOTION TO OBTAIN $505-MIL. IN DIP FINANCING
[00076] DEBTORS' 1ST MOTION TO EXTEND LEASE DECISION PERIOD
[00077] DEBTORS' MOTION TO CONTINUE TO HONOR INSURANCE PROGRAMS
[00078] DEBTORS' MOTION TO PAY PREPETITION TAXES
[00079] DEBTORS' MOTION TO HONOR PREPETITION VENDOR OBLIGATIONS
[00080] DEBTORS' MOTION FOR INJUNCTION AGAINST UTILITY COMPANIES
[00081] DEBTORS' MOTION TO ESTABLISH LEASE REJECTION PROCEDURES
[00082] DEBTORS' MOTION FOR INTERIM COMPENSATION PROCEDURES
[00083] DEBTORS' MOTION TO EMPLOY ORDINARY COURSE PROFESSIONALS
[00084] DEBTORS' MOTION TO HIRE AP SERVICES AS CRISIS MANAGERS
[00085] DEBTORS' APPLICATION TO EMPLOY KASOWITZ BENSON AS COUNSEL
[00086] DEBTORS' APPLICATION TO HIRE DICKINSON WRIGHT AS COUNSEL
[00087] DEBTORS' APPLICATION TO TAP BAKER & MCKENZIE AS COUNSEL
[00088] DEBTORS' APPLICATION TO TAP JEFFRIES AS INVESTMENT BANKER
[00089] DEBTORS' APPLICATION TO EMPLOY DJM REALTY AS REALTOR
[00090] DEBTORS' APPLICATION TO HIRE GCG AS ADMINISTRATIVE AGENT
[00091] TOYS CENTER'S MOTION TO COMPEL POSTPETITION RENT PAYMENT
[00092] DELL MARKETING'S MOTION TO LIFT STAY TO ALLOW SET-OFF
[00093] ENTITIES FILE NOTICES OF SUBSTANTIAL STOCK OWNERSHIP
[00094] VENDORS FILE NOTICES OF RECLAMATION DEMAND
[00095] RULE 2019 STATEMENT -- Cole, Schotz, Meisel, Forman
[00096] RULE 2019 STATEMENT -- Levett Rockwood P.C.
[00097] RULE 2019 STATEMENT -- McCarthy & White, PLLC
[00098] RULE 2019 STATEMENT -- Russell R. Johnson III, PLC
[00099] RULE 2019 STATEMENT -- Womble Carlyle Sandridge & Rice


A copy of today's 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.

To continue receiving BORDERS GROUP BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=BORDERS|GROUP



Company: Bankruptcy Creditors' Service, Inc.
Contact: Peter A. Chapman
Phone: (215) 945-7000
Email: peter[@]bankrupt.com

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