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Borders Group, Inc. Fails To Pay Bills For Second Month

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A view of the new Borders superstore which includes computers and movie screens in Pittsburgh Township, Michigan February 13, 2008. REUTERS/Rebecca Cook
A view of the new Borders superstore which includes computers and movie screens in Pittsburgh Township, Michigan February 13, 2008. REUTERS/Rebecca Cook

(Ann Arbor, MI)  --  In a sign of worsening times for the major bookseller, Borders Group, Inc. was unable to pay its bills for a second consecutive month.  In December the bookseller stopped payments to several publishers and is attempting to negotiate turning missed payments into a loan. Last Thursday, Borders announced that it has secured a conditional 550 million-dollar line of credit from GE Capitol.  Certain conditions of the loan require that the bookseller get concessions from publishers to roll missing payments into a 125-million-dollar debt, to be repaid at a later date.  Publishers are reportedly rejecting the idea.  Borders also said that it is considering bankruptcy, or an "in-court" restructuring, and will announce the closing of underperforming stores sometime in the future.  The closest Borders store to the Lakeshore is an Express outlet in the Kalamazoo suburb of Portage.

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