The official committee of unsecured creditors involved with Borders Group’s Chapter 11 filing was approved Thursday afternoon with representatives from Penguin, HarperCollins, Random House and Perseus Books Group appointed. Rounding out the committee are representatives from Sony Music, GGP Limited Partnership and the Simon Property Group. Next meeting for the committee is set for March 22.
Borders has resumed receiving some inventory from publishers, primarily from Ingram which had been the retailer's primary supply source in the weeks leading up to the Chapter 11 filing. A spot check of the major houses and distributors found that, at present, companies are only willing to directly ship to Borders on a cash-with-order basis. Although most of the major players have not yet decided to go the CWO route, one publisher has begun to make some shipments, although there is a question of how many publishers Borders can do business with on those terms. One distribution executive said he was waiting to see a written request from Borders of their proposed terms before he would beginning shipping the chain, but had received nothing as of late Thursday.