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Borders US delays year-end results
03.04.08 Anna Richardson
Borders Group in the US has delayed the filing of its annual 10-K report for fiscal year 2007 (ended 2nd February 2008) until 17th April, in order to complete the "evaluation of financing alternatives" and include "finalised transactions" in the report.
The retailer had announced in late March that Pershing Square Capital Management had agreed to lend the company $42.5 million at a 12.5% interest rate. As part of the agreement, Borders has until 4th April to explore alternative funding.
In a statement released yesterday (2nd April), Borders said the company had "entered into discussions with several parties regarding alternative financing proposals", which the board of directors and senior management were currently evaluating. No decision had yet been made.
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