And there goes the other shoe.
Which means that the company can continue trading for now but can ignore any immediate claims on money owed.
This comes a month after Borders Group, which includes Borders and Waldenbooks, stated it may have to restructure under bankruptcy.
At Christmas, the company stated it owned assets worth $1,280,000,000 against a debt of $1,290,000,000. Technically it could shut up shop and pay everyone off – though the reality is never that simple.
I’ve spoken to a number of comic book publishrs who say they have been limiting their exposure to Borders, pulling back stock, semi-shipping orders to minimise returns, and trying to stay up to date with payments. But this is still going to be a major shock for many. Some publishers will just not survive.
Around a third of Borders stores will close in the next month…