Borders Wins OK To Move Forward With Auction

Law360, New York (July 14, 2011, 12:59 PM EDT) -- Borders Group Inc. won approval Thursday from a New York bankruptcy judge to move forward with auction plans despite private equity group Najafi Cos.' last-minute withdrawal of an opening bid.

U.S. Bankruptcy Judge Martin Glenn consented to sale procedures that call for the initial bid to come instead from a team of private equity firms, Hilco Merchant Resources and Gordon Brothers Group LLC, that wishes to liquidate the country's second-largest bookstore chain.

"We're not going to put all of this off," Judge Glenn said, wary of...
To view the full article, register now.