Borders Writing the Next Chapter — Eleven

Borders could file bankruptcy early next week reports the Wall Street Journal:

Borders Group Inc. is in the final stages of preparing a bankruptcy filing after failing to persuade publishers and others to go along with a plan to refinance the troubled bookstore chain’s debt….

Borders has spent recent days finalizing a deal for so-called debtor-in-possession financing that would keep the company operating while under bankruptcy-court protection, the people said. The company is hearing pitches from Bank of America Corp. And General Electric Co.’s finance arm for $450 million in financing…

By filing a Chapter 11 bankruptcy with this financial support Borders could continue operating and move forward with its plan to close 200 stores and cut thousands of jobs.

[Thanks to Michael J. Walsh for the story.]

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