Deals
Borders Wins Approval for New Loan Terms, More Time for Sale
This article is for subscribers only.
Borders Group Inc. won court permission to loosen the terms of its bankruptcy loan, giving the U.S. bookstore chain more time to find a buyer and avoiding immediate liquidation of about 40 stores.
Borders plans to file a proposal by July 1 to sell itself at a court-approved auction with a guaranteed buyer, known as a stalking horse, making an initial bid, Mary Davis, a company spokeswoman, said in an interview.