Borders Agrees To $44M Unsecured Claim For Penguin

Law360, New York (May 3, 2012, 6:11 PM EDT) -- Publisher Penguin Group (USA) Inc. reached a settlement Thursday in Borders Group Inc.'s $1.3 billion bankruptcy in New York under which it will get a nearly $43.8 million unsecured claim against the defunct bookseller, the largest such deal to date.

Until now, the largest settlement had been a January deal with publisher Hachette Book Group Inc., which will get a nearly $38.4 million unsecured claim, as Borders chips away at creditors' claims in liquidation.

The parties submitted a stipulation and settlement agreement to U.S. Bankruptcy Judge...
To view the full article, register now.