Sunday, January 30, 2011

Bookseller Borders to default on rent

A release from Borders Group says the bookseller will delay payments to vendors, landlords and others that are payable at the end of January. Borders says the delay is intended to help the company maintain liquidity while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations. Borders has received a conditional commitment from GE Capital, Restructuring Finance for a $550 million senior secured credit facility.

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