Borders, Random House Settle On $36.4M Unsecured Claim

Law360, New York (November 7, 2011, 10:10 PM EST) -- Borders Group Inc. agreed Friday to allow publishing behemoth Random House Inc. a $36.4 million unsecured claim in its bankruptcy case, settling the retail giant's largest unsecured claim to date as its $1.3 billion bankruptcy continues in New York federal court.

Random House — a Bertlesmann AG unit that stands as the world's largest English-language trade publisher — settled for just $800,000 less than the $37.1 million it says it was owed. The parties asked U.S. Bankruptcy Judge Martin Glenn to approve the settlement Monday....
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