A day after word that Borders may have a buyer for half its remaining stores (see yesterday’s MobyLives report), the company got another break in its long slog through bankruptcy court: “Over the objections of the Creditors Committee, the most contentious issue since the start of the Borders bankruptcy on February 16 was resolved in Borders favor Thursday, with the retailer being given an additional 120 days beyond its original June 16 deadline to file and solicit acceptances for a Chapter 11 plan,” reports Judith Rosen in a Publishers Weekly story.

As a Wall Street Journal story by Joseph Checkler reports, the judge gave Borders a break “after a lawyer for the bookseller said the company hopes to have a plan in place to sell most or all of the company’s stores by the end of the month … The company says it is in talks with ‘multiple buyers’ interested in ‘most up to all’ of Borders’s remaining stores.”

Nonetheless, the extension still seems centered around the possibility that Borders will indeed, someday, reveal a reorganization plan — the missing element frustrating most publishers and other creditors. As the WSJ story explains, “Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved the extension, a largely procedural move that gives Borders until October to file a reorganization plan and until December to solicit votes on that plan without having to worry about competing proposals from creditors or others.”

Nonetheless hostilities continued between the camps:

Borders’s official committee of unsecured creditors argued that Borders is taking too long in its case and said it wants to be kept more in the loop in the case. Mr. Glenn told the court Borders has been “slaughtered” in the press, all but accusing the creditors committee of leaking to the media information about the identity of a potential buyer. A creditors committee lawyer denied that charge.