Borders Settles Book Distributor's Claim For $8.4M

Law360, New York (September 12, 2011, 7:25 PM EDT) -- Borders Group Inc. agreed on Friday to pay book wholesaler Perseus Distribution Inc. $8.4 million, settling the first book vendor creditor claim as the retail giant's $1.3 billion bankruptcy continues in New York federal court.

Perseus, the country's biggest distributor of independently published books, settled for about 85 percent of the $9.8 million it says it was owed. The parties agreed to subtract $1.4 million for returned merchandise and shipping credits, according to the order by U.S. Bankruptcy Judge Martin Glenn.

The agreement ends what Judge...
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