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Borders files for Chapter 11 bankruptcy after e-book crush

02/16, 11:45am

Borders files for Chapter 11 protection, more

Last week's unofficial report of the Borders Group's near bankruptcy status is now official, as the company detailed its plans. The company has filed a petition for reorganization relief under Chapter 11 after the authorization of its board of directors. The deal will secure commitment for $505 million in debtor-in-possession financing from GE Capital, Restructuring Finance.

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