Sunday, 23 November 2014
Last updated 2 days ago
Mar 25 2010 | 11:37am ET
Pershing Square Capital Management could push bookseller Borders Group into bankruptcy as soon as next week.
The Ann Arbor, Mich.-based retailer faces an April 1 deadline to repay a $42.5 million loan to the hedge fund. New York-based Pershing Square has renegotiated that loan three times already, sparing Borders an earlier bankruptcy. It is unclear whether Pershing Square chief William Ackman is willing to do so again.
Pershing Square is Borders’ largest shareholder. Ackman said in February that he sees only a “low probability” of Borders filing for bankruptcy.
Should Ackman play hardball and demand repayment, Borders might default on at least part of the loan. The company had just $32.8 million in cash at the end of October, almost $10 million less than the principal of the loan.
Nov 4 2014 | 9:45am ET
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