Monday, 15 September 2014
Last updated 4 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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