Borders Files for Bankruptcy

Borders filed Chapter 11 bankruptcy today, February 16, reports the Associated Press:

The company will receive $505 million in debtor-in-possession financing from GE Capital and others to help it reorganize…

According to the Chapter 11 filing with the U.S. Bankruptcy Court in the Southern District of New York, Borders had $1.28 billion in assets and $1.29 billion in debts as of Dec. 25.

It owes tens of millions of dollars to publishers, including $41.1 million to Penguin Putnam, $36.9 million to Hachette Book Group, $33.8 million to Simon & Schuster and $33.5 million to Random House.