Borders Group Liquidation Approved
The U.S. Bankruptcy Court entered an order approving Borders Group's motion, pursuant to Sections 105, 363 and 365 of the Bankruptcy Code and Rules 2002, 6004, 6006 and 9014, of the Federal Rules of Bankruptcy Procedure (I) approving the sale of substantially all of the Debtors' assets free and clear of all liens, claims, encumbrances and interests and the assumption and assignment of executory contracts and unexpired leases related thereto; (II) approving sale procedures and break-up fee and (III) granting related relief. The order also approves a joint venture composed of Hilco Merchant Resources, SB Capital Group, Tiger Capital Group, Gordon Brothers Retail Partners and Great American Group W.F. to act as the Debtors' exclusive agent to conduct sales. The order states, "Any remaining objections to the Motion or the relief requested therein that have not been withdrawn, waived, or settled, and all reservations of rights included in such objections are overruled in all respects and denied."
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