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Posted on Tue, Dec 20, 2011 : 12:24 p.m.

Borders wins approval to dissolve its bankruptcy estate

By Nathan Bomey

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.


Borders was headquartered on Phoenix Drive in Ann Arbor.

Borders, which was founded by brothers Tom and Louis Borders in Ann Arbor in 1971, filed for Chapter 11 bankruptcy protection in February and converted its case to liquidation in July. The company finished closing its stores in September.

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.

Read the full Bloomberg story here.

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Wed, Dec 21, 2011 : 1:42 p.m.

A sad end to a great brand...


Tue, Dec 20, 2011 : 6:13 p.m.

Hooray it is finally ending!