Borders, Creditors Spar Over DIP Financing Terms

Law360, New York (March 11, 2011, 6:42 PM EST) -- Borders Group Inc. and lender General Electric Capital Corp. urged a bankruptcy judge in New York on Friday to overrule an objection from Borders' unsecured creditors committee to a proposed $505 million debtor-in-possession financing package.

GE and Borders responded to the objection. which the committee lodged Thursday, in separate filings in the U.S. Bankruptcy Court for the Southern District of New York.

The debtors' DIP motion, which sought approval for post-petition financing, won interim approval in February. A final approval hearing is slated for Tuesday....
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