A bankruptcy judge has also directed Borders to amend its bonus plan to reflect proposed incentives in a scenario where a sale or restructuring of the company translates to a recovery of less than $73 million.
More news on Borders, including the Company's recent reduction of proposed key employee incentives to $6.6 million, is available at BORDERS GROUP BANKRUPTCY NEWS, Issue No. 12, published by Bankruptcy Creditors' Service, Inc.
The 12-page newsletter contains stories with these headlines:
[00193] JUDGE GLENN TELLS BORDERS TO AMEND BONUS PLAN FOR EXECS
[00194] BORDERS TO WEIGH IN SALE OR RESTRUCTURING BY AUGUST 15
[00195] DEBTORS' MOTION TO MODIFY LEASE TERMS WITH LANDLORDS
[00196] DEBTORS' NOTICES TO REJECT LEASES WITH DETRICK, ET AL.
[00197] DEBTORS' MOTION TO EMPLOY ORDINARY COURSE PROFESSIONALS
[00198] MIQUEL-RIUS'S LETTER CLARIFYING CORRECT ENTITY
[00199] VENDORS FILE NOTICES OF RECLAMATION DEMAND
[00200] BORDERS GROUP, INC.'S STATEMENT OF FINANCIAL AFFAIRS
[00201] BORDERS NOTIFIES LATE FILING OF ANNUAL REPORT
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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