After a meeting between publishers and their financial advisor earlier this week, publishers were told that the Borders offer was at least worth considering. Before the Tuesday meeting sentiment was running heavily against accepting the offer, but after hearing more details, publishers were more willing to consider the proposal to exchange missed payments for notes. The advisor told publishers the offer "provides the basis for reaching an agreement," according to one executive, before adding that he "didn't want to overstate the case." At least one major publisher said they were unmoved by the new presentation. Another meeting between publisher and the financial advisor is set for today or tomorrow.
Meanwhile, most houses continue to not ship books to Borders, although there are reports that the retailer is trying to make deals with a few houses under which Borders would pay cash up front for titles.