BK filing has NOT been confirmed. The bloomberg article said unidentified sources say it "may" file for bankruptcy, which we all already knew based on previous reports. So, it was nothing new actually. It is interesting that it was released so close to EOD yesterday.
Negotiations are ongoing and the article "leak" might very well have been part of said negotiations.
Very interesting to see how this will play out. If BK, likely CH11. We shall see.
"Mike Souers, an industry analyst covering Borders for S&P Equity Research, issued a note to clients early today and maintained his recommendation that investors hold the stock.
He mentioned that Borders is still working with GE Capital on a $500 million loan to keep the chain operating, but the conditions requiring suppliers and landlords to convert missed payments into interest-bearing debt stand in the way.
Souers wrote: “We think BGP continues to negotiate with vendors and landlords in order to meet the conditional requirements for its newly secured credit financing but that the terms pose a formidable challenge to meet.” "http://www.crainsdetroit.com/article/20110202/FREE/110209970
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