Borders Up On Restructuring Note (BGP)
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%.
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