Borders US Files for Bankruptcy with $1.29 Billion Debts (Updated)

Borders US formally applied for bankruptcy under Chapter 11 protection in the New York courts this morning. Borders listed debts of $1.29 billion and assets of $1.275 billion in documentation lodged with the court. Unsecured creditors listed include many book publishers and distributors, estimated to be owed $230 million. [Publishers Weekly] UPDATE (5PM, GMT): Publishing […]

Borders Group US Open e-Bookstore

This morning Borders Group USA opened the proverbial electronic doors on its new e-bookstore, entering a highly competitive market with rivals Barnes & Noble e-bookstore, the Amazon Kindle store and Apple’s iBookstore. The Borders e-bookstore is set to offer 1.5 million titles, including some free books, with Borders Inc. president, Mike Edwards, saying he hoped […]

Confirmed: GE Capital Secure Term Loan For Borders Group US Survival

Just released on the newswires: ANN ARBOR, Mich., March 31, 2010 /PRNewswire via COMTEX/ — Borders Group, Inc. today announced that it has entered into an amended and restated revolving credit agreement. The new, $700 million senior secured asset-based credit facility matures in March 2014 and replaces the company’s existing revolving credit agreement, which would […]