Borders Group, Inc. and 7 associated debtors (the “Debtors” or “Borders”) filed voluntary petitions under Chapter 11 of the Bankruptcy Code on February 16, 2011 in the Bankruptcy Court for the Southern District of New York (Case No. 11-10614). The Honorable Martin Glenn has been assigned to the case. This initial note provides the Debtors’ consolidated list of their 30 largest unsecured creditors. See related list Borders’ top 50 recipients of payments in the 90 days prior to the Borders’ bankruptcy or read the complete Borders preference analysis by going here: For 1786 Borders’ Suppliers and Other Creditors, Its Not Time to Close the Books.
The Debtors' Consolidated List of Holders of Largest Unsecured Claims
The Debtors' have requested authority to file a consolidated list of the holders of the Debtors' largest unsecured claims in lieu of a separate list for each of the Debtors. The consolidated list is set forth below. The Debtors' list did not identify any claims that were “Contingent, unliquidated, disputed, or subject to setoff”. Accordingly that column is omitted.
| Listed | Name of creditor | Nature of claim (trade debt, bank loan, government contract, etc.) | Amount of claim if secured, also the value of the security |
|---|---|---|---|
| 01 | Penguin Putnam Inc. 200 Old Tappan Road Bldg. 1 Old Tappan, NJ 07675 Attn: Lindsay Carter | Trade debt | $41,118,914 |
| 02 | Hachette Book Group USA PO Box 8828 Boston, MA 02114-8828 | Trade debt | $36,879,656 |
| 03 | Simon & Schuster Inc. JP Morgan 131 S. Dearborn 6th Fl. Chicago, IL 60603 Attn: Lockbox 70660 | Trade debt | $33,757,445 |
| 04 | Random House Box 223384 500 Ross St, 154-0455 Pittsburgh, PA 15262 | Trade debt | $33,461,062 |
| 05 | Harper Collins Publishers PO Box 360846 Pittsburgh, PA 15251- 6846 | Trade debt | $25,793,451 |
| 06 | Macmillan / MPS 175 Fifth Avenue New York, NY 10010 | Trade debt | $11,434,306 |
| 07 | John Wiley and Sons Inc. Attn: Kevin Glennon 432 Elizabeth Avenue Somerset, NJ 08873 | Trade debt | $11,191,435 |
| 08 | Perseus Distribution Svcs 15636 Collections Center Drive Chicago, IL 60693 | Trade debt | $7,776,292 |
| 09 | Source Interlink Companies 275000 Riverview Center Blvd Ste 201 Bonita Springs, FL 34134 | Trade debt | $6,879,906 |
| 10 | Twentieth Century Fox Bank of America Attn: Lockbox #402665 6000 Feldwood Road College Park, GA 30349 | Trade debt | $6,445,467 |
| 11 | Seattle's Best Coffee Inc, PO Box 84348 Seattle, WA 98124-5648 | Trade debt & Commission | $4,991,818 |
| 12 | F&W Media Inc. PO Box 715157 Columbus, OH 43271- 5157 | Trade debt | $4,546,275 |
| 13 | Houghton Mifflin Harcourt Attn: Mary A. Durrance, Finance Credit Dept. 9400 South Pk Center Loop Orlando, FL 32819 | Trade debt | $4,400,756 |
| 14 | Sony Music Entertainment Inc. c/o Mellon Bank Dept. Ch 10247 Palatine, IL 60055-0247 | Trade debt | $4,273,824 |
| 15 | Workman Publishing Company 225 Varick St. 91h Fl. New York, NY 100144381 | Trade debt | $4,003,126 |
| 16 | Diamond Comic Distributors 1966 Greenspring Dr. h 300 Timonium, MD 21093 | Trade debt | $3,906,550 |
| 17 | U M G D co Bank of America PO Box 98279 Chicago, IL 60693 | Trade debt | $3,754,699 |
| 18 | Warner Elektra Atlantic Dept Ch. 10125 Palatine, IL 60055-0125 | Trade debt | $3,396,812 |
| 19 | The McGraw-Hill Companies PO Box 2258 Carol Stream, IL 60132- 2258 | Trade debt | $3,093,871 |
| 20 | Sony Pictures Home Ent c/o Mellon Bank PO Box 120001 Dept. 0648 Dallas, TX 75312-0648 | Trade debt | $2,930,139 |
| 21 | Pearson Education Inc. 200 Old Tappan Road Old Tappan, NJ 07675 | Trade debt | $2,784,766 |
| 22 | Rosetta Stone Ltd. Dept. Ch 17714 Palatine, IL 60055-7714 | Trade debt | $2,226,553 |
| 23 | National Book Network Inc. PO Box 62188 Baltimore, MD 21264- 2188 | Trade debt | $1,956,713 |
| 24 | WW Norton & Company Inc. Box 2626 PO Box 8500 Philadelphia, PA 191782626 | Trade debt | $1,940,826 |
| 25 | Zondervan Corporation Department CH10303 Palatine, IL 60055-0303 | Trade debt | $1,886,752 |
| 26 | EMI Music Dept. CH 17714 Palatine, IL 60055-0380 | Trade debt | $1,782,358 |
| 27 | Hay House Inc. PO Box 5100 2776 Loker Ave W Carlsbad, CA 92018 | Trade debt | $1,725,589 |
| 28 | Elsevier Science PO Box 0848 Carol Stream, IL 60132- 0848 | Trade debt | $1,606,992 |
| 29 | Papyrus-Recycled Greetings 3613 Solutions Center Chicago, IL 60677-3006 | Trade debt | $1,490,891 |
| 30 | Publications Intl Ltd Dept 77 3401 Chicago, IL 60678-3401 | Trade debt | $1,079,421 |
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The list does not include: (1) persons who come within the definition of “insider”); or (2) secured creditors, unless the value of the collateral is such that the unsecured deficiency places the creditor among the holders of the largest unsecured claims.
Bankruptcy Rule 1007(d) provides that a debtor shall file “a list containing the name, address and claim of the creditors that hold the 20 largest unsecured claims, excluding insiders.” Fed. R. Bankr. P. 1007(d). In the case of a multi-debtor filing, it is likely that many creditors are shared among certain of the debtors. This is especially the case where the debtors operate as a single business enterprise. Under these circumstances and provided that there is a request for joint administration, it is common for multiple, related debtors to request authority to file a single, consolidated list of their collective largest general unsecured creditors. These requests usually are granted by the bankruptcy court.
The Top Unsecured Creditor List is never to be considered a waiver of any defense to or “allowability” of a listed claim or an admission of the amount of any listed claim. It is common for the amount of the claims to shift and sometimes a claim that is initially is undisputed is later disputed. Creditors should always consult the official claims register.