Borders Buries Hachette Claim With $38M Settlement

Law360, New York (January 6, 2012, 4:55 PM EST) -- Publisher Hachette Book Group Inc. reached a settlement Friday in Borders Group Inc.'s $1.3 billion bankruptcy in New York under which it will get a nearly $38.4 million unsecured claim against the defunct bookseller, the largest such deal to date.

The parties submitted a stipulation and settlement agreement to U.S. Bankruptcy Judge Martin Glenn, who is overseeing the bankruptcy case.

Hachette had filed a $38.9 million claim against Borders, while the debtor contended that it only owed $38.1 million. The publisher had been among the largest...
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