A judge Thursday cleared the way for movie-rental company Blockbuster Inc. to sell itself to a group of hedge funds, after lawyers spent all day in courthouse hallways brokering a deal with movie studios that had objected to the sale terms. The ruling gives the movie studios a better deal and staves off immediate liquidation of Blockbuster’s assets. Get the full story »
Monarch Alternative Capital
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Blockbuster hits creditors up for another $250M
Blockbuster Inc. is asking creditors to put up more money to help it exit bankruptcy protection, prompting a debate among bondholders about whether to invest further in the struggling video chain or put it up for sale, people familiar with the matter said.
When Blockbuster filed for Chapter 11 protection in September, the company had agreed to turn ownership over to its creditors. But after poor holiday sales and new estimates for a costlier turnaround, the company is asking bondholders for an additional $200 million to $250 million to be used after the chain exits court protection. Get the full story »
