Book Publishers Not Thrilled With Latest Borders Proposal

Posted on January 6, 2011

Publishers Weekly reports that book publishers are not impressed with embattled bookseller Borders Books' latest proposal to keep afloat.

PW's sources say that Borders is seeking new financing and would like book publishers to accept a note or bond instead of missed payments. The company would also like more time to pay for book shipments.

Borders should find out next week if several banks it has approached will provide necessary financing. Until then, its unlikely the book publishers are going to agree to any terms.