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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap US book chain Borders files for bankruptcy AFP - Thursday, February 17 Send IM Story Print US book chain Borders files for bankruptcy WASHINGTON (AFP) - – US bookstore chain Borders announced Wednesday that it has filed for bankruptcy protection from its creditors so that it can reorganize and re-emerge as "a stronger and more vibrant book seller." "It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company's lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term," Borders president Mike Edwards said in a statement. "To position Borders to remedy this condition, Borders Group, with the authorization of its board of directors, has filed a petition for reorganization relief under Chapter 11 of the Bankruptcy Code," he said, citing the US statute that allows him to fend off creditors seeking repayment while the company regroups. In recent years, Borders has lost millions of dollars, in an industry in major transition from print to digital products. In July, Borders launched an online electronic book store to challenge Amazon, Apple and Barnes & Noble in the fast-growing market for digital books -- companies that the Ann Arbor, Michigan based chain is seen as having badly trailed in the rapidly changing book market. Edwards said Borders has received commitments for $505 million in Debtor-in-Possession (DIP) financing led by GE Capital, Restructuring Finance. "This financing should enable Borders to meet its obligations going forward so that our stores continue to be competitive for customers in terms of goods, services and the shopping experience," Edwards said. "This decisive action will give Borders the opportunity to achieve a proper infusion of capital in order to have the opportunity to have the time to reorganize in order to reposition itself to be a successful business for the long term," Edwards said. Recent news report predicted the reorganization filing, after Borders Group delayed payments to vendors for two months and in recent weeks aggressively pursued deals with creditors and vendors despite withholding payments to conserve cash. "We are confident that, with the protection afforded under Chapter 11 and with the support of employees, publishers, suppliers and creditors, and the reading public, a successful reorganization can be achieved enabling Borders to emerge from the process as a stronger and more vibrant book seller," Edwards said. Recommend Send IM Story Print News Search Top Stories Fed sees firmer US recovery Fed sees US recovery 'firming' US bookstore chain Borders files for bankruptcy US book chain Borders files for bankruptcy Merkel names aide Weidmann to head Bundesbank More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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