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Mon June 20, 2011
Borders hoping for sale by end of July
Bankrupt Borders Group may have an interested buyer. The Ann Arbor-based bookstore chain plans to name a bidder by July first.
In a motion filed Friday at the United States Bankruptcy Court Southern District of New York, Borders says the sale process has "gained significant momentum in recent weeks," and that the bookseller is "encouraged" that a successful buyer will emerge.
Borders, which filed bankruptcy in February, says it will name a “stalking horse bidder” by July first. (A stalking horse makes the first bid on a bankrupt company.)
An auction would then be held mid July, followed by a sale at the end of the month.
However, if a successful bid does not go through by the end of July, Borders says it will move forward with a "sale to liquidators."
DealBook reported earlier this month that private equitey firm, the Gores Group, is in talks with Borders as a potential buyer.
You can read the full motion here.