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According to the Times, "In a motion filed with the federal bankruptcy court in Manhattan, the committee said it was concerned that the agreement could allow Najafi to buy the company at a low price and then liquidate Borders later without letting creditors benefit."
Instead, the committee suggested that Borders and all of its creditors could benefit more from a court-supervised liquidation. The proposed takover deal "'neither maximizes value for the benefit of unsecured creditors nor provides for the other benefits of a going concern,' the committee wrote in the court filing," the Times reported.
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- Companies:
- Borders Group
- The New York Times
- Places:
- Manhattan
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