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Creditors of BordersNike Air Max LTD Group Inc (BGPIQ.PK) are attacking a potential sale to private equity group Najafi Cos, saying the bankrupt bookseller would be better off selling Nike Air Max Plusitself to liquidators.

The plan, under which Najafi would pay $215 million iNike Air Max Tailwindn cash and assume $220 million in liabilities, would allow the private equity firm to liquidate Borders' Nike Air Max Triax 94 LEbrick-and-mortar operations if it wanted, the unsecured creditors' committee said in court papers filed Wednesday.

Borders should instead pursue its back-up plan, Nike Air Max T-Zone LEthe committee said -- a sale to a group of liquidators led by Hilco Merchant Resources that would bring in between $252 million