Publishers Say Borders Proposal "Is Not Going to Fly"

PW: "Publishers seemed unimpressed with Borders proposals that seek new financing and payment terms. According to sources familiar with negotiations, Borders offered few details beyond what has already been reported in the press. For the publishers, that means that Borders wants publishers to accept a note or bond in exchange for missed payments and for a delay in making payments. Borders told publishers it would have more details next week after it heard back from the banks it is in talks with to receive new loans. One publisher said the proposal, as it stands now, 'is not going to fly.'"