Borders Group has appointed law firm, Kasowitz, Benson, Torres & Friedman, to protect it from bankruptcy, The Wall Street Journal reports. The law firm will advise the publisher on securing a $500 million credit line from GE Capital. The new revolving credit facility will allow Borders to repay $220 million in current outstanding senior debt. Restructuring advisers from investment bank, Jefferies & Company, will also help the company in rearranging its finances.
Click here for the story from The Wall Street Journal.