Borders Asks Court for More Time on Bankruptcy Reorganization Plan
Posted May 20, 2011 5:23 PM CDT
By Stephanie Francis Ward
In a court filing yesterday, Borders Group asked for more time to file its bankruptcy reorganization plan, the Wall Street Journal’s Market Watch reports.
The Manhattan U.S. Bankruptcy Court filing asked that the bookseller be given until October to file a plan and until December to solicit votes on the plan and not worry about competing proposals from creditors. If the court does not approve the request, Borders has until June 16 to file the plan and Aug. 15 to solicit votes.
Borders, based in Ann Arbor, Mich., filed for Chapter 11 protection in February. Earlier this week, the Wall Street Journal (sub. req.) reported that the business was in talks with a potential buyer who wanted to keep open more than half of the group’s 405 stores.