(Corrects bullet point and second paragraph to show Borders
gets 90 additional days, not 120 days, to negotiate leases)
* Borders gets 90 more days to negotiate leases
* Added time kicks in after June 16
* Extension requested by lenders
NEW YORK, March 15 Bankrupt bookseller Borders
Group Inc BGPIQ.PK received U.S. Bankruptcy Court approval on
Tuesday for an extension it requested to give it more time to
negotiate its store leases.
Borders asked for an additional 90 days, which would kick
in after it hits the current June 16 deadline for rejecting
The extension is one of the requirements of Borders'
proposed bankruptcy financing and was requested by its lenders,
who said the time would be necessary if they need to liquidate
Borders filed for bankruptcy last month after years of
struggling to compete with online book sales and a sluggish
response to electronic book readers.
The company said when it filed for bankruptcy that it
planned to close 200 superstores, which stock more than 100,000
titles. After the initial wave of closings, the chain expected
to have about 442 stores.
The case is In re: Borders Group Inc, U.S. Bankruptcy
Court, Southern District of New York, No: 11-10614.
(Reporting by Caroline Humer; writing by Tom Hals)