FAIRLESS HILLS, Pa. -- Lowenstein Sandler PC, counsel to the unsecured creditors committee in the bankruptcy cases of Borders Group Inc. and its debtor affiliates, admits that it may not be a "disinterested person" in light of its representation of SB Capital Group LLC. SBC is among the liquidators Borders is seeking to retain for the contemplated store closing sales in its cases.
Borders is moving on with its plan for a going concern sale. The bookseller chain identified BB Brands LLC as the stalking horse bidder for its assets. BB Brands's $450 million offer is the opening bid for a sale auction tentatively set for July 19. The company is seeking court approval of bidding procedures to be implemented in the sale process.
Details on the $450 million stalking horse bid and the proposed back-up plan of a full chain liquidation is available on BORDERS GROUP BANKRUPTCY NEWS, Issue No. 21, published by Bankruptcy Creditors' Service, Inc.
The 16-page newsletter contains stories with these headlines:
 BORDERS SELECTS BB BRANDS' $450-MIL. OFFER AS OPENING BID
 BORDERS SEEKS APPROVAL OF BIDDING PROCEDURES FOR 363 SALE
 DEBTORS' MOTION TO ASSUME AMENDED SOURCE INTERLINK PACT
 DEBTORS' NOTICE TO REJECT SIMON PROPERTY LEASE PACT
 DEBTORS' NOTICE OF DE MINIMIS ASSET SALES
 COMMITTEE'S APPLICATION TO RETAIN LOWENSTEIN SANDLER
 LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
 ROUTE 23 ASSOCIATES'S NOTICE ON EXPIRATION OF LEASE
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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