Borders deal with Najafi falls apart
NEW YORK - July 14, 2011 (WPVI) -- Borders Group is teetering on liquidation after an offer from a private-equity investor disintegrated.
Najafi Cos. offered $215 million for Borders in July, but creditors and landlords on Wednesday said in court filings that immediate liquidation was a better option since Najafi could liquidate the company as soon as it was acquired. Creditors asked Najafi to revise its offer to no avail.
On Thursday, Borders said it wouldn't seek approval for Najafi's bid in a hearing scheduled for 10 a.m. Another bidder could still step in.
Instead, it designated liquidation firms Hilco Merchant Resources and Gordon Brothers as the opening bid if no other bidders emerge.
Borders Group Inc., based in Ann Arbor, Mich., filed for bankruptcy protection in February, hurt by stiff competition from online booksellers and discounters.
new york city, bankruptcy, business/finance
- Plane towed, probe begins in gear collapse 1 min ago
- Milder this afternoon, snow possible Monday
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Search for missing jet expands toward Indian Ocean
- Drunk driving suspected in Center City crash
- Fire damages Flap Jacks restaurant on City Avenue
- Photos: Pictures of Old City building collapse
- Police investigate death of toddler at Del. daycare
- 5 arrested after Logan murder, standoff
- Photos: Pictures of suspects in Logan murder
- Mississippi man who awakened inside body bag dies
- 8th body recovered after NYC explosion
- Photos: Suspects wanted by Philadelphia Police
- Plane towed, probe begins in gear collapse
1 min ago