Home video chain Blockbuster Inc., in bankruptcy, has opted to put itself up for sale after creditors were unable to agree on a recapitalization plan.
The Dallas-based company said Monday that it has submitted a plan for an auction process to U.S. Bankruptcy Court in New York. A holding company formed by four if its largest creditors — Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Varde Partners — has submitted an opening “stalking horse” bid of $290 million. Get the full story »
F Blockbuster
The headline suits the company – blockbuster has been pimping their customers for years.
If the sale doesn’t close on time, will Blockbuster have to pay late fees?
Send them the check in a red self-sealing mailer.
Who would buy Blockbuster? The era of renting dvd’s at a brick-and-mortar store are over. Plus, all the stores are absolute dumps and the movies are overpriced. I stream my rentals now. No returns and no late fees. Perfect.
It looks like the “stalking horse” just bought business “horse bleep.” Of course, since they are creditors, it isn’t going to cost them any more.