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National law firm Lowenstein Sandler has been appointed to represent the official unsecured creditors committee for Borders Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights Group, are leading the team.
Pursuant to Section 1102 of the Bankruptcy Code, Tracy Hope
Davis, the United States Trustee for Region 2, appointed on
February 24, 2011, seven creditors to serve as members of the
Official Committee of Unsecured Creditors in the Chapter 11 cases
of Borders Group, Inc. and its debtor affiliates.
The Committee members consist of publishers and landlords of
Borders Group:
(1) Penguin Group (USA) Inc.
Attn: Alexander Gigante
Sr. VP Legal Affairs/Corporate Counsel
375 Hudson Street
New York, NY 10014
Tel: (212) 366-2959
Fax: (212) 366-2867
(2) HarperCollins Publishers, LLC
Attn: John Shrearer
Vice President, Credit
100 Keystone Industrial Park
Scranton, Pennsylvania 18512
Tel: (570) 941-1244
Fax: (570) 941-1590
(3) Random House, Inc.
Attn: William C. Sinnott
Vice President, Credit & Disbursements
400 Hahn Road
Westminster, Maryland 21157
Tel: (410) 386-7480
Fax: (410) 386-7439
(4) The Perseus Books Group
Attn: Charles Gallagher
Chief Financial Officer
387 Park Avenue - 12th Floor
New York, NY 10016
Tel: (212) 340-8133
Fax: (212) 340-8105
(5) Sony Music Entertainment
Attn: Susan S. Danz
Vice President of Credit & Collections
210 Clay Avenue
Lyndhurst, New Jersey 07071
Tel: (201) 777-3643
(6) GGP Limited Partnership
Attn: Julie Minnick Bowden
National Bankruptcy Manager
110 North Wacker Drive
Chicago, Illinois 60606
Tel: (312) 960-2707
Fax: (312) 442-6374
(7) Simon Property Group
Attn: Ronald M. Tucker
Vice President/Bankruptcy Counsel
225 W. Washington Street
Indianapolis, Indiana 46204
Tel: (317) 263-2346
Fax: (317) 263-7901
Penguin Putnam Inc. is the Debtors' largest unsecured creditor
with a $41,118,914 claim. Random House has a $33,461,062 claim
against the Debtors. Harper Collins follows Random House in the
largest unsecured creditors list with a claim of $25,793,451.
Perseus holds a $7,776,292 claim against the Debtors and Sony
Music a $4,273,824 claim.
GGP LP and Simon Property are landlords to various Borders
stores. GGP previously disclosed that it is the landlord to more
than 30 Borders-owned stores, which represent 5% of Borders'
total store count.
About Borders Group
Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores. At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico. Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan. In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/ ,
launched in May 2008, which includes both in-store and online e-
commerce components. As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.
Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.
David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor. DJM Property
Management is the lease and real estate services provider. AP
Services LLC is the interim management and restructuring services
provider. The Garden City Group, Inc., is the claims and notice
agent.
Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.
The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010
Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.
Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain. (http://bankrupt.com/newsstand/ or
215/945-7000)
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