FishbowlNY FishbowlDC LostRemote InsideMobileApps InsideSocialGames TVNewser TVSpy AgencySpy PRNewser MediaJobsDaily UnBeige

GE Capital Provides Committment To Help Borders Refinance

Borders.GIFGE Capital provided a commitment to help struggling Borders Group restructure its finances with a “$550 million senior secured credit facility.”

At the same time, the deal comes with a few conditions: Borders must secure help from other sources to arrange for $125 million in “junior debt financing” to cover vendor debts and continue with store closures (“the identification of underperforming stores that will be closed as soon as practicable”).

Borders Group President Mike Edwards had this statement in the release: “[I]t is prudent as well for Borders to explore alternative avenues, including the possibility of an in-court restructuring. We are confident that whatever path Borders pursues to implement its strategy, we will be able to count upon the support of our vendors, who understand the critical role a strong Borders provides to the reading public.”

Mediabistro Course

Memoir Writing

Memoir WritingStarting January 7, work with a published memoir writer to tell and sell the story of your life! In this course, Wendy Dale will teach you how to create your story around a marketable premise, hone your narrative voice, write a memoir with a solid structure, and sell your memoir before you've even finished writing it. Register now!