Approved Liquidation Plan Closes Book On Borders

Law360, New York (December 20, 2011, 1:27 PM EST) -- A New York bankruptcy judge closed the book on Borders Group Inc. Tuesday, approving the company's plan to finish its liquidation and achieve what it said was the best possible outcome after attempts to sell or reorganize the company failed.

It was “heartbreaking that we couldn't sell this company as a going concern,” said Holly Felder Etlin, president of Borders and managing director of AlixPartners LLP, after a court hearing.

But the subsequent plan to liquidate the company's assets and distribute the proceeds to creditors —...
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