According to Wall Street Journal and their report on Friday, Bookseller Borders Group Inc (BGP.N), who is having a shot to get their hands on a $500 million credit line, has now come to a point of hiring special bankruptcy and restructuring lawyers.
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| Offices of BORDERS INC. |
Referring to the people who were really close to the matter at hand, WSJ published it their report online claiming that Borders has contacted the law firm Kasowitz, Benson, Torres & Friedman and inquired the advices on their current efforts in refinancing. Whereas they went on stating the response of Kasowitz, as they report the instructions given to the company were to keep out of bankruptcy court.
WSJ has declared that Kasowitz officials will be meeting this Thursday with the company’s publishers for getting the on their proposed plan for deferring payments, while talking with GE Capital as well for providing a new revolving credit facility that would replace existing debt, the source said.
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