Borders Strikes Deal With Creditors On Bonus Plan

Law360, New York (April 14, 2011, 7:25 PM EDT) -- Borders Group Inc. announced in a New York bankruptcy court on Thursday that it reached a deal with creditors on a plan to pay bonuses to key management, cutting the maximum pool from about $7 million to about $5 million.

Lowenstein Sandler PC lawyer Bruce Buechler, who is representing Borders' unsecured creditors committee, told a judge in the U.S. Bankruptcy Court for the Southern District of New York that the payments would ultimately be beneficial for claimants.

“We need management not just to be there, but...
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