Although the Borders Group has yet to present a plan for staying in business to its bankruptcy judge — it’s already been given a delay — the plan the company presented to GE Capital that got them half a billion dollars to finance their bankruptcy reorganization appears to have been a bad plan. Or at least, according to a Bloomberg News wire story, which last night reported the company “is seeking at least $50 million in additional financing as sales trail expectations and publishers demand cash in advance ….”

Sourced to “two people who have seen the chain’s plans to reorganize,” the story says Borders needs the money to “emerge from its in-court restructuring.” Otherwise, “The retailer may risk liquidation without further investment, easier terms from vendors or a buyer.”

Meanwhile, other anonymous insiders say that “Some publishers are spurning the reorganization the chain proposed to them privately … At least one deems the revenue projections unrealistic because Borders no longer has enough stores to generate those sales ….”