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The Borders Group plans to name a lead bidder by July 1 under an agreement with creditors.
In a filing in the United States Bankruptcy Court in Manhattan on Friday, Borders said that it would file a “a motion on or before July 1, 2011, for approval of a stalking horse bidder that shall pay the DIP [debtor in possesion] lenders in full in cash and for the approval of related bidding procedures.” A stalking horse is the preferred bidder of the debtor in bankruptcy who sets a floor for any rival bids.
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- Companies:
- Borders Group
- Places:
- Manhattan
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