Borders Up On Restructuring Note (BGP)

Shares of Borders Group 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 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%.