November 17, 2011

Borders creditors get a whole lot of not much


“Borders currently expects to pay unsecured creditors somewhere between 4 and 10 percent of the $812 million to $850 million they are owed,” according to a short report in PublishersLunch by Sarah Weinman. The amount may be a little more, as the defunct Borders still hasn’t sold their stock in Kobo, a majority stake of which was just purchased by Japan’s Rakuten Inc. Borders expects their shares in Kobo are worth at least $30 million.

Kelly Burdick is the former executive editor of Melville House.