BORDERS GROUP BANKRUPTCY NEWS Issue Number 4
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Copyright 2011 (ISSN XXXX-XXXX) March 1, 2011
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Bankruptcy Creditors' Service, Inc. 215-945-7000 FAX 215-945-7001
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BORDERS GROUP BANKRUPTCY NEWS is published by Bankruptcy
Creditors' Service, Inc., 572 Fernwood Lane, Fairless Hills,
Pennsylvania 19030, on an ad hoc basis (generally every 10 to 20
days) as significant activity occurs in the Debtors' cases. New
issues are prepared by Michille Deiparine, Ivy B. Magdadaro and
Peter A. Chapman, Editors. Subscription rate is US$45 per issue.
Any re-mailing of BORDERS GROUP BANKRUPTCY NEWS is prohibited.
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IN THIS ISSUE
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[00047] U.S. TRUSTEE APPOINTS OFFICIAL COMMITTEE OF CREDITORS
[00048] BORDERS' SEC. 341 MEETING OF CREDITORS SET FOR MARCH 22
[00049] DEBTORS' MOTION TO OBTAIN $505-MIL. IN DIP FINANCING
[00050] DEBTORS' MOTION FOR AUTHORITY TO USE CASH COLLATERAL
[00051] DEBTORS' MOTION TO ASSUME NCC WESTWOOD LEASE
[00052] COVENTRY RETAIL'S MOTION TO LIFT STAY TO EVICT DEBTOR
[00053] DELL MARKETING'S MOTION TO LIFT STAY TO ALLOW SET-OFF
[00054] RULE 2019 STATEMENT -- Dickstein Shapiro LLP
[00055] RULE 2019 STATEMENT -- Kane Russell Coleman & Logan
[00056] RULE 2019 STATEMENT -- Satterlee Stephens Burke & Burke
[00057] NUMEROUS PARTIES SEEK TO APPEAR IN BORDERS CHAP.11 CASE
[00058] BARNES & NOBLE INTERESTED IN SOME BORDERS STORE LOCATIONS
KEY DATE CALENDAR
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02/16/11 Voluntary Chapter 11 Petition Date
02/24/11 U.S. Trustee Appoints Official Creditors' Committee
03/18/11 Deadline to Provide Utilities with Adequate Assurance
03/22/11 First Meeting of Creditors under 11 USC Sec. 341
04/05/11 Deadline to File Schedules of Assets and Liabilities
04/05/11 Deadline to File Statement of Financial Affairs
04/05/11 Deadline to File Lists of Contracts and Leases
05/17/11 Deadline to Remove Actions Pursuant to F.R.B.P. 9027
06/16/11 Expiration of Debtors' Exclusive Plan Proposal Period
06/16/11 Deadline to Make Decisions About Lease Dispositions
08/15/11 Expiration of Debtors' Exclusive Solicitation Period
02/15/13 Deadline for Debtors' Commencement of Avoidance Actions
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[00047] U.S. TRUSTEE APPOINTS OFFICIAL COMMITTEE OF CREDITORS
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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...READ FULL STORY
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[00048] BORDERS' SEC. 341 MEETING OF CREDITORS SET FOR MARCH 22
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Tracy Hope Davis, the U.S. Trustee for Region 2, will convene a
meeting of the creditors of Borders Group Inc. and its debtor
affiliates on Tuesday, March 22, 2011, at 2:00 p.m. Eastern
Time, at the office of the U.S. Trustee, 4th Floor, at 80 Broad
Street, in New York. ...READ FULL STORY
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[00049] DEBTORS' MOTION TO OBTAIN $505-MIL. IN DIP FINANCING
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See prior entry at [00015] and prior related entries at [00031]
and [00014] (Borders Get Interim Access to $400-Mil. in DIP
Financing).
Texas Tax Jurisdictions Object to DIP Motion
The Tax Appraisal District of Bell County and the County of
Denton, Texas, oppose any priming or subordination of their
senior, perfected and unavoidable tax liens on the Debtors'
property by either the DIP liens or the adequate protection liens
being granted to the Debtors' lenders. ...READ FULL STORY
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[00050] DEBTORS' MOTION FOR AUTHORITY TO USE CASH COLLATERAL
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See prior entry at [00016].
Texas Tax Jurisdictions React
The Tax Appraisal District of Bell County and the County of
Denton, Texas -- collectively referred to as the Texas Ad Valorem
Jurisdictions -- assert that the proceeds from the sale of their
collateral in the Debtors' property constitute their own cash
collateral. ...READ FULL STORY
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[00051] DEBTORS' MOTION TO ASSUME NCC WESTWOOD LEASE
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Debtor Borders, Inc. and NCC Westwood Dome, LLC, predecessor-in-
interest to Westwood CDIT, LLC and Westwood Dome, LLC entered
into a lease agreement, whereby the Debtors lease the premises
located at 1360 Westwood Boulevard in Los Angeles, California,
for the operation of a Borders Superstore. Borders closed the
Westwood store on January 8, 2011 and vacated the location on
January 18, 2011. ...READ FULL STORY
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[00052] COVENTRY RETAIL'S MOTION TO LIFT STAY TO EVICT DEBTOR
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Coventry Retail, L.P. asks the Court to lift the automatic stay
to allow it to evict Debtor Borders, Inc. from certain premises
located in Coventry Township, Chester County, Pennsylvania, and
to take possession of the Premises. ...READ FULL STORY
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[00053] DELL MARKETING'S MOTION TO LIFT STAY TO ALLOW SET-OFF
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Before the Petition Date, Debtor Borders Group, Inc. entered into
two transactions with Dell Marketing for the purchase of various
goods and services worth $64,012 and $92,346. Due to the
cancellation by BGI of a software license, a credit is due to BGI
in the amount of $92,346; however, that amount is still
outstanding. ...READ FULL STORY
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[00054] RULE 2019 STATEMENT -- Dickstein Shapiro LLP
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Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure, Dickstein Shapiro LLP disclosed that as of Feb. 17,
2011, it represents Kin Properties Inc. and each of the KPI
Landlords in connection with certain leases of non-residential
real property leases and any claims arising under the leases. ...READ FULL STORY
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[00055] RULE 2019 STATEMENT -- Kane Russell Coleman & Logan
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Jason B. Binford, Esq., at Kane Rusell Coleman & Logan PC, in
Dallas, Texas --jbinford@krcl.com -- told the Court that his firm
is legal counsel to these parties: ...READ FULL STORY
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[00056] RULE 2019 STATEMENT -- Satterlee Stephens Burke & Burke
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Christopher R. Belmonte, Esq., at Satterlee Stephens Burke &
Burke LLP, in New York, informed the Court that it has been
retained by these entities for representation in the bankruptcy
cases of the Debtors: ...READ FULL STORY
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[00057] NUMEROUS PARTIES SEEK TO APPEAR IN BORDERS CHAP.11 CASE
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See prior entry at [00046] and prior related entry at [00030]
(Mall Owners Seek to Appear in Borders' Bankruptcy Case).
More parties have filed with the U.S. Bankruptcy Court for the
Southern District of New York notices of appearances and requests
for service of filings related in the Chapter 11 cases of Borders
Group Inc. and its debtor affiliates. They are: ...READ FULL STORY
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[00058] BARNES & NOBLE INTERESTED IN SOME BORDERS STORE LOCATIONS
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Barnes & Noble, Inc. revealed in a recent conference call that it
plans to take over locations that Borders Group, Inc. is planning
to close as part of the bankrupt bookchain's restructuring
process, Shira Ovide wrote for the Deal Journal of The Wall
Street Journal. ...READ FULL STORY
*** End of Issue No. 4 ***
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