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NEW YORK (

TheStreet

) -

Borders

(BGP)

stock is surging after reports surfaced that the book seller is close to securing financing.

The flailing book giant met with publishers on Thursday, and

New York Times

reported that management laid out a more detailed proposal to managers. The plan included asking publishers to provide funding for a significant chunk of the company's loans, the

Times

said, citing sources familiar with the matter.

>>Borders' Mistakes: Chapter by Chapter

Borders also said it is close to securing financing from GE Capital, and going forward it plans to reduce costs, improve liquidity, and expand marketing efforts.

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Shares of Borders are gaining 18.3% to 97 cents in pre-market trading.

--Written by Jeanine Poggi in New York.

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