Borders Group Inc. is continuing talks to a secure a $500 million credit line and has hired bankruptcy and restructuring lawyers, said people familiar with the matter.Retail stores remain open going about business as usual.
Borders has chosen law firm Kasowitz, Benson, Torres & Friedman to advise on its current refinancing efforts, these people said. Kasowitz's instructions are to keep the company out of bankruptcy court, one of these people said.
The nation's second largest bookstore chain halted payments to key publishers and distributors in December, and some publishers have stopped shipping books as a result.
Monday, January 17, 2011
Borders book stores seek financial relief
The country's second largest bookstore chain is working to restructure its finances. According to the Wall Street Journal: