DOW JONES NEWSWIRES Borders Group Inc. (BGP) said it has received a potential $550 million of financing from General Electric Co.'s (GE) financing arm, but the struggling bookseller said it still isnt ruling out "in-court restructuring." Shares soared 43% to $1.15 after hours. As of the close, the stock had fallen 14% in the past year. The troubled retailer said the commitment from GE Capital will provide it with "the financial flexibility and an appropriate level of liquidity to move forward with its strategy to reposition its business model and the Borders brand." The commitment is contingent on several conditions, such as the successful syndication of $175 million of the senior credit line with other lenders, as well as $125 million of junior debt financing from vendors and other lenders. "We view the refinancing route as the most practical, efficient and beneficial to all parties, and we are working with our vendors in this regard," said President Mike Edwards, but he noted that "it is prudent as well for Borders to explore alternative avenues, including the possibility of an in-court restructuring." Borders has struggled mightily, hurt by sliding sales amid the rising popularity of ebooks. The company has said it is considering the sale of certain assets, and the company's second-biggest shareholder has pushed for a merger with bigger rival Barnes & Noble Inc. (BKS). -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;
