Borders Gains Creditor Support For Liquidation Plan

Law360, New York (December 15, 2011, 2:59 PM EST) -- Defunct bookseller Borders Group Inc. has won nearly unanimous creditor support for its liquidation plan and is forging ahead to a confirmation hearing next week, according to papers filed Thursday in New York bankruptcy court.

Borders and its unsecured creditors urged U.S. Bankruptcy Judge Martin Glenn to approve their joint plan to dissolve what had been the second biggest bookstore chain in the U.S. until it filed for Chapter 11 protection in March in the hope of reorganizing.

"While it is clearly unfortunate that the debtors...
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