Borders' Landlords Fight Planned Asset Sale Procedures

Law360, New York (July 11, 2011, 5:10 PM EDT) -- A slew of landlords for Borders Group Inc.'s retail stores objected Sunday to the struggling bookstore chain's bid for New York bankruptcy court approval of its upcoming asset sale and proposed sale procedures.

Landlords including Centro Properties Group, National Retail Properties Inc. and Westfield LLC filed objections to the sale procedures Borders proposed on June 30, when it filed a motion saying it had selected Direct Brands LLC, a company owned by private equity firm Najafi Cos., as the opening bidder in the bankruptcy auction it...
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