Borders Receives $215M Offer From Najafi Unit

Law360, New York (July 1, 2011, 12:37 PM EDT) -- Borders Group Inc. said Thursday it had selected Direct Brands LLC, a company owned by private equity firm Najafi Cos., as the opening bidder in its upcoming bankruptcy court auction in New York.

Should it prevail at the July 19 auction, Direct Brands, which operates the Book-of-the-Month Club and Columbia House, would buy most of Borders' assets for $215.1 million in cash and assume about $220 million of liabilities, Borders said in a motion. The stalking horse bidder would also provide $15 million to help wrap...
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