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Borders Extends Paperchase Deadline And Debt Repayment Date: 1/2/2009 |
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Borders announced last week that it has extended two deadlines related to its financing transactions with Pershing Square Capital. Borders now has until February 16th (rather than January 15th) to repay $42.5 million in debt. Pershing Square?s obligation to acquire Borders? British Paperchase chain for $65 million was also extended to the same date. Borders indicated last month that it was exploring an ?alternative financing transaction? with Pershing Square (see ?Borders Sales Drop Worst of All?). The delay provides more time to continue those explorations, or to sell Paperchase to another company for a higher price. |
| Source: ICv2 |
