Borders halts paying some publishers

Borders halts paying some publishers

<p><div>Borders&#39; shares have fallen 11 per cent after it said it was delaying payments to some publishers.</div><div>&nbsp;</div><div>The US bookseller recently revealed it was seeking new finance in an attempt to avoid breaking terms of its credit agreements in the new year.</div><div>&nbsp;</div><div>Borders spokesperson Mary Davis told Reuters: &quot;As part of this potential refinancing, Borders has determined that it is necessary to restructure its vendor financing arrangements and is delaying payments to certain of its vendors.&quot;</div><div>&nbsp;</div><div>Davis refused to reveal the publishers but said Borders was working with them to restructure their arrangements. But she added: &quot;There can be no assurance that it will be successful in refinancing its senior credit facilities or restructuring its vendor financing arrangements.&quot;</div><div>&nbsp;</div><div>In its most recent set of results, Borders&#39; third quarter results more than doubled to $74.4m for the 16 weeks to 30th October.</div><div>&nbsp;</div><div>Borders shares fell to $1.03 after hours, from a close of $1.16.&nbsp;</div></p>