FAIRLESS HILLS, Pa. -- Borders Group, Inc. released its monthly operating report listing decreased revenues and net losses for May 2011. Revenues for the bookstore chain in May aggregate $97 million compared to $173 million in April. Net income losses are also down to $35 million in May over $132 million in April.
The company has also negotiated with lenders a second amendment to its postpetition financing facility, which essentially allows the bookstore chain to conduct a going concern sale for its business. Borders expects to name a bidder by July 1, and aims to close a sale by the end of July.
More stories on the Borders case are available at BORDERS GROUP BANKRUPTCY NEWS, Issue No. 19, published by Bankruptcy Creditors' Service, Inc.
The 13-page newsletter contains stories with these headlines:
[00278] BORDERS INKS 2ND AMENDMENT TO $505MM DIP CREDIT AGREEMENT
[00279] BORDERS TO NAME BIDDER JULY 1, TO HOLD AUCTION JULY 19
[00280] BORDERS TO COMPLETE DUAL-TRACK SALE OF BIZ BY END OF JULY
[00281] BORDERS WITHDRAWS 51-STORE CLOSING SALES MOTION
[00282] NAJAFI & GORES VIE TO WRITE FUTURE OF BORDERS, SAYS WSJ
[00283] DEBTORS' MOTION TO ASSUME AND ASSIGN LEASES TO TJX
[00284] DEBTORS' APPLICATION TO EMPLOY DELOITTE CONSULTING
[00285] COMMITTEE'S APPLICATION TO RETAIN LOWENSTEIN SANDLER
[00286] LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
[00287] STIPULATIONS EXTENDING TIME TO ASSUME OR REJECT LEASES
[00288] NEW KOBO E-READER TOUCH EDITION AVAILABLE AT BORDERS
[00289] DEBTORS' MONTHLY OPERATING REPORT -- Ended May 28, 2011
A copy of the newsletter can be purchased on-line with a major credit card at <a href="https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP">https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP</a> 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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