Borders said to be close to finding new finance

<p>At the latest crisis meeting between US publishers and the ailing book chain Borders, executives from the retailer told publishers that they were close to securing refinancing from GE Capital and other lenders. The <em>New York Times</em> reports that the company told publishers it intended to reduce costs, improve liquidity and expand marketing efforts, as well as sell some assets. <a href=" target="_blank" title=" one publisher indicated to the <em>NYT</em> that it was not convinced by the plan</a>.</p><p>Thursday&rsquo;s talks were the latest between Borders and US book publishers that began in late December, when Borders told some publishers and distributors that it would delay payments. Publishers have previously signalled their reluctance to turn their debts into loan notes, while rival booksellers have cautioned publishers against giving Borders preferential terms.<br /><br />Separately, the company announced that another 15 employees had been let go. Borders spokesperson Mary Davis said: &quot;As part of its brand transformation process, which includes enhanced cost efficiencies measures, Borders Group today eliminated 15 positions within its field organization. The number includes 9 regional merchandising manager, four event marketing manager and two district manager positions.<br /><br />&quot;The affected employees are being offered, in some cases, an alternative position, while the rest of the employees will receive severance in accordance with company policy. The decision to eliminate these positions is not related to Borders&#39; previously reported refinancing effort or the delay of certain vendor payments in connection with the refinancing effort.&quot; </p>