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It's unfortunate that Kobo has lost 400 book stores to distribute Kobo ereaders in; those will have to be made up with different deals like office supply stores, electronic stores and super department stores -- and Kobo already has relationships like that in place.
Kobo is a creditor of Borders to unpaid shipments of devices, and whatever services remain unpaid through being the outsourcing vendor for Borders as ebook merchant. The liquidation is expected to generate as much as $300 million; Kobo will get a piece of what they are owed.
The 11% shares of Kobo are worth something to someone; Kobo may be able to buy them back against whatever Borders already owes Kobo.
This is certainly not the desirable end-state for Kobo; but not necessarily a terrible mess. Existing Borders e-books customers will likely be converted over before the entity closes. That process began in earnest in May.
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