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0 Ann Arbor, Michigan

Thursday, Febuary 17, 2011

michigandaily.Com

LOCAL BUSINESS
Borders files
for Chapter 11
bankruptcy

GE Capital to loan
Ann Arbor-based
company $505M
By JOSEPH LICHTERMAN
and ADAM RUBENFIRE
Daily News Editor and
Daily StaffReporter
The Ann Arbor-based book-
seller Borders Group, Inc. filed
for Chapter 11 bankruptcy yes-
terday morning.
The company, which owns
Borders and Waldenbooks, filed
for protection in U.S. Bankrupt-
cy Court early yesterday. Accord-
ing to the bankruptcy filing, the
company said it will close about
30 percent of its stores nation-
wide within the next few weeks
- including its location at the
Arborland Mall on Washtenaw
Avenue.'
"It has become increasingly
clear that in light of the envi-
ronment of curtailed customer
spending, our ongoing discus-
sions with publishers and other
vendor related parties, and the
company's lack of liquidity, Bor-
ders Group does not have the

capital resources it needs to
be a viable competitor," Bor-
ders Group President and CEO
Michael Edwards wrote ina Bor-
ders Group press release issued
yesterday.
Employees at the Borders
flagship location on State Street
declined to comment on the state
of the company yesterday.
According to the company's
bankruptcy petition, as of Dec.
25, 2010 the company holds
assets of about $1.28 billion and
liabilities of about $1.29 billion.
The company also operates 642
stores nationwide and employs
about 19,500 employees.
Borders secured a $505 mil-
lion loan from GE Capital to
finance its day-to-day operations
while it's in bankruptcy, accord-
ing to the press release. How-
ever, the loan is pending court
approval.
"This financing should enable
Borders to meet its obligations
going forward so that our stores
continue to be competitive for
customers in terms of goods,
services and the shopping expe-
rience," Edwards wrote in the
statement.
See BORDERS, Page 3A

LSA junior Richard Galdos, a cadet in ROTC, and Engineering senior TAC Brad Jodoin study in the ROTC Cadet Lounge on Tuesday, Feb.15
Little change expected in
ROTC, with DADT repeal
Spectrum Center of the U.S. military's "don't ask, military to serve openly. While cer Education Program at the
don't tell" policy, campus offi- military groups prepare their University, said commanders
to work with cials are waiting to see how the members for the future assimi- have addressed ROTC students
policy will change the dynamic lation of the new law, University on possible changes due to the
service members of service members. ROTC affiliates and members of repeal, but they are waiting for
After the U.S. House and Sen- the campus community say they the U.S. Department of Defense
By HALEY GLATTHORN ate voted to repeal the 17-year- think the certification of the law to release information about the
Daily StaffReporter old policy last December, won't affect the lives of those details of the official policy.
President Barack Obama signed directly impacted bythe repeal. Though the implementation
As the federal government it into law - potentially allow- Bob Nichols, an assistant of DADT relies on certification
formulates the official repeal ing LGBT men and women in the professor in the Air Force Offi- See ROTC, Page 3A

GREENING THE'U'
In letter to Coleman, students ask

The men's swimming and diving team performs at Mock Rock last night in Hill Auditorium.
Student-athletes show off
other talents at Mock Rock

for more sustainability on campus
Group wants one more letter in her mailbox. ing student group leaders this
The Student Sustainabil- month to garner collective sup-
president to increase ity Initiative - a conjunction of port for the letter titled the
campus group leaders, student "Vision Letter."
green initiatives government and environmental The SSI - which conducts
groups - plans to send a letter meetings for members of the
By SABIRA KHAN to Coleman within the next few University community to pres-
Daily Staff Reporter weeks encouraging her to take ent suggestions for campus sus-
a firmer stance on sustainabil- tainability - has been working
University President Mary ity initiatives. But before they for several months to draft the
Sue Coleman will soon receive do, the organization is contact- See SUSTAINABILITY, Page 3A
DREAM ACT
DREAM Act supporters gather to
encourage passage of legislation
State has up to United States discussed at an cates for the DREAM Act. About
event last night how the Devel- 60 people attended the eventheld
125,000 illegal opment, Relief and Education for in the Michigan League. Several
Alien Minority, or DREAM Act, people spoke about the legisla-
immigrant students would impact these students. tion that would give six-year
The event titled "Coming Out residency and an opportunity at
By BRIENNE PRUSAK of the Shadows" was held by the citizenship toundocumented stu-
Daily StaffReporter Migrant and Immigrants Right dents who graduated high school
Awareness group on campus, in the United States and attend an
Individuals involved in the which is a part of the Universi- American college or serve in the
movement to get documentation ty's branch of One Michigan - a U.S. military for two years.
illegal immigrant students in the youth-led organization that advo- See DREAM ACT, Page 6A

C.S. Mott, Autism
Partnership to
* receive donations
By ANNA ROZENBERG
Daily Staff Reporter
Avatar aliens, "Thriller"
dancers carrying glow-sticks
and Harry Potter-wannabes

rapping about Quidditch took
the stage at last night's annual
"Mock Rock."
Hosted by the Student Athlete
Advisory Council at Hill Audito-
rium, Mock Rock showcased 20
varsity and club varsity sports
teams that performed original
skits to raise money for charity.
This year's funds - so far esti-
mated at more than $100,000 -
will go to the Child and Family

Life program at C. S. Mott Chil-
dren's Hospital, the Michigan
Autism Partnership and Student
Athletes Leading Social Change.
LSA senior Taylor Day, one of
four event chairs for the SAAC,
said in an interview before the
event that the "biggest underly-
ing goal is to raise money for our
three charities."
The SAAC has been fundrais-
See MOCK ROCK, Page 6A


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