NORWALK, CT-- February 18, 2011 --- GE Capital, Restructuring Finance today announced it provided a $505 million debtor-in-possession (DIP) credit facility to Borders Group, Inc., a specialty book retailer. The financing will be used by Borders for working capital as the company reorganizes under Chapter 11. GE Capital, Restructuring Finance is serving as the administrative agent and GE Capital Markets is serving as the sole lead arranger.
"GE has provided a significant commitment to support our restructuring," said Mike Edwards, president of Borders Group. "Their expertise in the retail industry and in the restructuring process enabled them to deliver the liquidity and flexibility we need to continue to operate while we make the changes necessary to ensure our long-term success."
"We are pleased to underwrite and arrange this new financing facility for Borders," said Tim Tobin, managing director of retail restructuring for GE Capital, Restructuring Finance. "We will continue to work closely with the company and their advisors as they reorganize."
Borders Group is a retailer of books and other educational and entertainment items operating throughout the U.S. through Borders® and Waldenbooks® stores.
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. Visit www.gelending.com/clnews. GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).
GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit www.ge.com.
Ned Reynolds
GE Capital
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+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340