Borders' Broke Books (BGP)

Shares of Borders Group BGP are down around 10% this morning on news that the company has delayed January payments to vendors, in an effort to stave off bankruptcy. The press release this morning announcing the delay said, "Borders Group, Inc. today reported that it will delay payments to certain parties — vendors, landlords and others — scheduled for the end of January. The delay is intended to help the company maintain liquidity while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations. Borders has received a conditional commitment from GE Capital, Restructuring Finance for a $550 million senior secured credit facility." Last week Borders received a $550 million credit facility from GE GE to help it stave off bankruptcy, but this looks like it's just delaying the inevitable at this point. Even Bill Ackman, who owns approximately 40% of the company, said to short the name last week on his appearance on CNBC, in an effort to promote the Harbor Investment Conference. Disclosure: no position in names mentioned