So how did Borders do yesterday at its big, all-important meeting with its publishing creditors on the future of the company? According to Julie Bosman — and, uh, “people briefed on the matter” — in a report for the New York Times, Borders executives said “they were close to securing refinancing from GE Capital and other lenders … and that the company intended to reduce costs, improve liquidity and expand marketing efforts, as well as sell some assets.” Also, they asked for a very large loan.

That, it seems, is how they hope publishers will treat “a large portion of the company’s debt,” says Bosman.

But at least one publisher tells Bosman that “the plan laid out by Borders was not a convincing strategy for turning around the company.” That publisher, of course, is unnamed, and so it’s impossible to gauge whether those comments are reflect the feelings of the other publishers (who were represented at the meeting by a law firm and a consulting agency) . But the remarks do resonate with those of the several other publishers without names who were cited in the run-up to this meeting as saying they were not at all eager to make whopping loans to Borders.  And without that assurance, GE is thought to be unlikely to give Borders the financing it wants, despite the Times‘ headline to the article (“Borders Said to Be Close to Securing Refinancing”).

Borders spokeswoman Mary Davis had no comment on that, or about the meeting at all. Bosman says she would only say in an email afterwards that “Borders is focused on putting its refinancing in place as part of its overall effort to transform the Borders brand.”

Also, that “15 managerial positions within the company were eliminated.”