No one said Chapter 11 is cheap. The two principal advisors for the unsecured creditors committee in the Borders’ case submitted their first interim application for payment for service provided from late February through April 30. Financial advisor BDO USA is seeking $1,197,903.75 in fees plus $32,267.69 in travel and other costs. Lowenstein Sandler, general counsel to the committee, submitted a bill for $853,082.78.
In its application, BDO said it spent about 3,344 hours on the case from February 24 through the end of April. Among the functions it performed were spending 111 hours evaluating the possibility of asset sales as well as the sale of the entire company; 293 hours on store closings; and 431 hours reviewing Borders’ business plan. Lowenstein’s bill covered service for 1,952 hours.