Borders wins approval to dissolve its bankruptcy estate
A U.S. Bankruptcy Court judge in Manhattan approved Borders Group Inc.'s plans to officially dissolve the remnants of its estate, distributing some cash to creditors and resolving tax disputes, according to Bloomberg.
Bloomberg reported that 98 percent of creditors holding $211.5 million in Borders debt agreed to accept a dissolution plan proposed by attorneys for Borders.
Unsecured creditors were expected to receive about 4 percent to 10 percent of their claims, according to Bloomberg. Secured creditors have already been paid.