Borders announced on Thursday night at long last what they have basically been saying for a month: they have a heavily-contingent financing “commitment” from GE Capital, Restructuring Finance for a new $550 million line of credit. Among the many complex “conditions” to obtain the new line is that $125 million in vendor payables must be converted into debt (or, alternately, that “external sources” provide an equivalent amount of additional financing.) Additionally, CEO Mike Edwards now admits (or threatens, depending upon how you view it) that “it is prudent as well for Borders to explore alternative avenues, including the possibility of […]
