Talks move from reorganization to seeking buyers for movie retail chain
Posted February 16, 2011
Blockbuster Inc. (Dallas) is preparing to put itself up for sale, according to The Wall Street Journal. The move follows a disagreement by creditors on plans to give the movie-rental chain more cash to help it exit bankruptcy protection.
Instead of reorganizing in bankruptcy court, the company now plans to seek buyers and could ask a judge to approve bidding procedures for the company as soon as next week, reports WSJ.
A bid could include an offer of more than $300 million, plus assumption of various liabilities, including certain store leases.