Ann Arbor, Mich. Borders Group Inc. said Wednesday it will delay filing its annual report for fiscal 2007 with the Securities and Exchange Commission to explore financing options.
The company said it expects to file the report on or before April 17 after it finishes evaluating financing alternatives.
Borders previously said it received a financing commitment with Pershing Square Capital Management L.P., which expires April 4. Under the terms of that agreement, Borders said it can explore alternatives to the financing that might be more advantageous to the company.
The company said it has entered into discussions with several parties for alternate financing proposals. The board is now evaluating those proposals against the Pershing Square commitment, the company said.
No decision has been made yet, Borders added.