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Posts Tagged ‘William Ackman’

WSJ Predicts Borders Could File for Bankruptcy Next Week

Borders.GIFOn the heels of news that Borders delayed payments to a number of vendors, landlords and other groups last month, the Wall Street Journal predicts the bookseller could file for bankruptcy next week.

Here’s more from the article: “The Ann Arbor, Mich., bookseller could file for Chapter 11 bankruptcy protection as soon as Monday or Tuesday, said people familiar with the matter, paving the way for the closure of about 200 stores and thousands of job losses.”

Borders Group did not respond to these rumors. According to the article, the company could not strike a deal with “publishers and others” to refinance the delayed payments. In a profile today, Borders investor William Ackman said his firm “has lost $125 million” on the bookseller.

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Borders Group Confronts Crucial Deadline

borderslogo23.pngOn Thursday, Borders Group must confront a deadline on a $42.5-million loan. As that fateful day approaches, publishing commentators around the Internet have shared opinions.

A Detroit Free Press article speculated over the weekend: “The $42.5-million loan due to Pershing Square Capital Management–made in 2008 at 9.8 percent interest–has already been extended three times. And despite assurances from Pershing that a bankruptcy is unlikely, concerns about a filing persist.”

Earlier this year, Pershing Square CEO William Ackman said bankruptcy was a “low probability event.”

Forbes speculated that the company “could sell a stake to another investor.”

Finally, Daily Finance asked: “On April Fool’s Day, Will the Joke Be on Borders?