Borders Wins Conditional OK For $505M In Financing

Law360, New York (March 15, 2011, 3:52 PM EDT) -- A New York bankruptcy judge said Tuesday that he will allow bankrupt Borders Group Inc. to borrow up to $505 million under a debtor-in-possession financing facility, following a deal resolving objections raised by unsecured creditors.

Judge Martin Glenn said in a hearing in the U.S. Bankruptcy Court for the Southern District of New York that he would approve a motion for approval for the financing as soon as the book retailer works out a few details with the lenders and submits a finalized order.

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