Borders Group Liquidation?

Borders Group filed with the US Bankruptcy Court on July 14 a modified sale procedures order, bid procedures, and agency agreement that includes an auction but will not include any bid protections. In response to a flurry of objections, the Najafi Co. deal ($215 million plus assumption of $220 million in debt, and brick-and-mortar liquidation) is out and the new stalking horse bid by Hilco Merchant Resources (liquidate Borders to generate estimated $252 million and $284 million in cash) is in.