Borders Up On Restructuring Note (BGP)
Posted in: After-Hours Center
Shares of Borders Group (NYSE: BGP) are sharply higher in after hours, gaining more than 20% on news that the company has hired Jefferies to restructure the company.
Borders had stopped paying its vendors as it sees to straighten out its finances.
Activist investor Bill Ackman has a 37% stake in the company, so this is definitely a positive development for his portfolio.
Agree Realty Corporation (NYSE: ADC) could benefit from the restructuring, as the REIT sold off earlier in the week on bankruptcy fears.
Shares of BGP are up 12 cents in after-hours, a gain of nearly 14%.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
