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doin' well thanks! i'm sure the PPS will be many times what it is now in the coming weeks. speculation alone should drive it way up. your thoughts?
How are you benjo?
Hope things are going well for you. Yes, I'm still a thorn in their "A".... I hate crooks.
Hoping to see blockbuster get the heck out of this whole but it's going to be tough. GLTY
MARINE!!!! i remember you from the SKGO board - - you were the voice of reason; the guiding light! when i was a FRESH rookie (SKGO was my first lesson in TAKING PROFITS and not sticking around), you taught me that min@mar are a bunch of crooks.
good to see you here.
i dont know if everyone here knows it or not, but the yahoo message board for BLOAQ is where most discussion is taking place. STRONG basher presence there, so we could use some sanity to cancel out all the negativity and craziness.
but anyway, check this out from the yahoo board (that i posted onto the ihub bloaq board):
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60355813
things should get VERY interesting. i'm holding a lousy 26k B shares @ .074.
i'm torn between selling on the next spike or holding in the event that the prices will never come back below .10 again after this coming week (march 2nd is a pivotal court date - - the plan to put BB up for auction will be decided by the BK judge).
Steady is how it goes
What a nice fluid decent range today. A couple more days like this and we can call it "established", and play it from there. Although I am sure there are those less hesitant about the potenetial volitilty and have already made at least one play today - trade on - Risk
Agreed. Bottom, or bottom of new temp. range. But, it seems like that temporary range could be very temporary. Might be safer to let the dust settle istead of chancing it based of a few days performance.
Ouchhh ! keep eye on BLOBQ find new temp range, make sure there is eneough liquidity and pounce. The main caveat is obviouslly the sale of Blockbuster - No Ichan - No euphoria.
Seems like it did very well. Unfortunately I was busy getting the heck out of my Chinese plays. Uuuugly day!
A to Z answers would be best from Ichan, this is a bottom play for me.....
Marine, How did you do? Volume was great, it just would not get down the price point I was looking for. But even if you had bought at open and sold near close it would have worked today. I was looking for about .056. I think it stayed elevated because traders are expecting a bidding war. Looks like I got the open and the volitility part right, just wasn't in the mood to chse it today.
Magnusson, IYO, what's the compendium?
It looks like unless a bidding war breaks out the $290 million offer takes it. And if it does move to Chapter 7, the liquidation process takes place. So, what is left, the Blockbuster name and existing deals with production studios? And the biggest question of all : What about the shareholders??? What happens to those shares should chapter 7 come to fruition. Ichan just got involved with take over of another company announced this morning. Maybe he is going to let this ship sail and move on.
BLOBQ @ .08!
UPDATE: Blockbuster Agrees To $290M Sale From Noteholders
12 hours 19 minutes ago - DJNF
(Adds details on agreement, and background)
By Maxwell Murphy and Joseph Checkler
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Blockbuster Inc. has agreed to sell itself for $290 million to a consortium of its debtholders, an agreement that gives the buyers the option to convert Blockbuster's Chapter 11 bankruptcy into a Chapter 7 liquidation, and calls for the company to close more than 600 stores by the end of the month.
Blockbuster said in a press release Monday it has entered into an asset-purchase agreement with Cobalt Video Holdco, a so-called "stalking horse" bidding group comprised of private-equity and hedge funds Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Varde Partners Inc, which together own more than half of Blockbuster's senior secured notes.
Judge Burton R. Lifland of U.S. Bankruptcy Court in Manhattan has already signed an order setting a date of March 2 for a hearing to establish procedures for bidding. The Cobalt consortium can walk away if its purchase isn't approved by April 20.
The sale agreement gives broad power to Blockbuster's would-be buyers, including converting the case to a Chapter 7 liquidation under certain conditions. It also calls for Blockbuster to commence liquidation of 609 of its stores by Feb. 28. The company said it wouldn't say which stores are tagged for closing.
Blockbuster spokesman Michael Freitag declined to comment beyond the press release. "The release should speak for itself," he said in an email.
If the bankruptcy court approves the bidding process, other bidders will have about 30 days to submit offers, and an auction would be held within a week of that deadline.
The Monarch group has agreed to acquire substantially all of Blockbuster's U.S. and international subsidiaries, and a "majority" of its stores will remain open, according to the release.
"We intend to accelerate our Chapter 11 proceedings and move the company forward," Chairman and Chief Executive Jim Keyes said in the press release.
Blockbuster filed for Chapter 11 bankruptcy protection in September after negotiating a restructuring deal that would put the company in the hands of senior noteholders and cut the company's debt to around $100 million from more than $900 million. Junior noteholders owed $300 million would have been wiped out under the plan.
A lackluster holiday season forced Blockbuster to scramble for more money from creditors, and earlier this month The Wall Street Journal reported that Blockbuster was putting itself up for sale after its creditors disagreed on plans to infuse more cash into the chain to shepherd it out of bankruptcy protection. A Monarch-led group was identified as a likely bidder.
What remains unclear is what response, if any, billionaire Carl Icahn will have to the move. Icahn, a former Blockbuster director, lost nearly all of his more than $150 million investment in both classes of Blockbuster common shares and a class of convertible preferred stock. The legendary corporate raider liquidated his equity position and amassed a large position in Blockbuster's secured debt, and was expected to factor heavily in Blockbuster's ultimate fate. A spokeswoman for Icahn didn't promptly return a phone call for comment.
Calls and emails to the members of the stalking-horse consortium weren't promptly returned.
The $290 million price tag puts a sobering number on the fall from grace for Blockbuster since its heyday in 1994, when Viacom bought the company for $8.4 billion. The company spun off Blockbuster in an initial public offering in August 1999.
The erstwhile leader in movie rentals was preceded into bankruptcy by Movie Gallery, which liquidated when it was unable to create a viable business plan. Both companies were unable to adapt to rapidly changing technology, which made a network of thousands of brick-and-mortar rental stores all but obsolete.
On-demand movies, rent-by-mail juggernaut Netflix Inc. (NFLX)--which itself invested heavily in online video streaming before Blockbuster was able to offer a compelling service of its own--and tens of thousands of movie-rental kiosks operated by Coinstar Inc.'s (CSTR) Redbox division all contributed to the Blockbuster downfall. Not even Blockbuster's exclusive deals with major movie studios to rent movies on the day they were available for sale was able to prevent customers defecting to new technologies and competitors en masse.
Blockbuster partnered with NCR Inc. (NCR) to roll out Blockbuster branded kiosks, but the move came too late and the benefits were too heavily weighted toward NCR. NCR hasn't experienced any disruption due to the Blockbuster bankruptcy because it has the unlimited rights to use the Blockbuster name on its thousands of kiosks and has no obligation to the bankrupt company.
-By Maxwell Murphy and Joseph Checkler, Dow Jones Newswires; 212-416-2171; maxwell.murphy@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=NrrL4vlayxarNCLi55ZSXQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
02-21-11 2007ET
Copyright (c) 2011 Dow Jones & Company, Inc.
MUST READ: Under the proposed plan, there would be no recovery by holders of the company’s outstanding subordinated debt, preferred stock or common stock, according to a statement. Blockbuster anticipated it would pay something to unsecured creditors, court papers show.
Can't wait to see what happens as bidding begins on sale of blobq tommorow 2/22. Should be huge volume and would anticipate a good initial increase in pps right off the bat. Might not be able to jump back in at those .05 levels- could reach new higher range depending on what type of bids take shape. I am definately anticipating volitility.
85k back out - at .061 avg. pps - vol. starting to diminish again- this will make it real tough to flip in and out for decent profit. Best strategy, buy at around .05 hold for news, and let volume and accompanying pps take it .07 range, and flip out again.
RINSE AND REPEAT
CAVEAT: BEEN WRONG BEFORE
Back in: 85k at avg .054 could not get full order fill at limit pps. Try to get quick pop provided volume stays decent. But that is the good part of blobq, even if you don't flip them you can hold for long term profit. Provided the liquidity stays in place i think it is an excellent stock to do either with.
Out of 201k avg. price .069 - I will take it. Think hype of Ichan will wear off a little, and we can jump back in at .05 or less, and do it all over - provided the volume is there.
DISCLOSURE : BEEN WRONG BEFORE
BLOBQ @ .072!
Blockbuster Heads Toward Sales Block 2/10/11
By MIKE SPECTOR
Blockbuster Inc. is preparing to put itself up for sale after creditors disagreed on plans to give the movie-rental chain more cash to help it exit bankruptcy protection, people familiar with the matter said.
Blockbuster now plans to seek buyers instead of reorganizing in bankruptcy court and could ask a judge to approve bidding procedures for the company as soon as next week, the people said. Creditors including billionaire investor Carl Icahn and a consortium led by hedge fund Monarch Alternative Capital LP are leading contenders to buy the chain out of bankruptcy court, the people said.
A bidder could offer more than $300 million for the chain, plus assumption of various liabilities, including certain store leases, the people said. Blockbuster remains in talks with creditors on the structure and value of potential bids. The people cautioned that Blockbuster's sale plans could be delayed.
More
Blockbuster and Monarch declined to comment. Mr. Icahn didn't respond to requests for comment.
Another factor driving momentum toward Blockbuster's looming sale: Bondholders fear the company's value is eroding in bankruptcy court, which the chain entered in September. Without clear ownership or direction, Blockbuster remains hindered in efforts to compete with Netflix Inc. and other rivals, the people familiar with the matter said.
An auction would move faster than a typical reorganization, allowing Blockbuster to be in the hands of new owners sooner who have clear views on what to do with the company, these people said. Blockbuster needs "to get on with it," one of these people said.
The decision to sell the company comes after bondholders led by Mr. Icahn and Monarch failed to agree on a plan to invest yet more money in the struggling chain. After poor holiday sales and projections for a costlier turnaround, Blockbuster and its bondholders determined the company needed more cash, in the form of equity financing.
That added a new wrinkle to a reorganization plan that called for bondholders to forgive more than $630 million in debt for ownership of the video-store chain. In addition to that debt, the bondholders have already provided Blockbuster with a $125 million loan to see it through bankruptcy court.
Bondholders have held varied talks on how much capital they would be willing to give Blockbuster on top of that reorganization plan. Mr. Icahn at one point had been willing to invest more than $200 million, the people familiar with the matter said. Monarch and other investment firms holding Blockbuster's bonds weren't willing to invest that much, the people said. But they also didn't want to be diluted by an investment from Mr. Icahn.
Since Mr. Icahn and the Monarch-led group each hold enough debt to block the company's current reorganization plan, the disagreement led to a stalemate, prompting Blockbuster to hang a for-sale sign.
Mr. Icahn and the Monarch-led group are each likely to bid for Blockbuster, the people familiar with the matter said. Blockbuster is expected to soon name either Mr. Icahn or the Monarch-led group as a so-called stalking-horse bidder that would set a floor for bids in a wider auction, the people familiar with the matter said.
The creditors have become increasingly concerned about Blockbuster's performance of late, the people said. The video-store chain generated earnings before interest, taxes, depreciation and amortization below $100 million last year, the people said. That compares with more than $150 million in 2009.
Any new owner will have to speed Blockbuster's transition away from brick-and-mortar stores and toward more modern businesses, such as vending-machine kiosks, mail-order deliveries and on-demand services through cable boxes and the Internet.
Netflix, for instance, has posted continual gains in subscribers and ended 2010 with more than 20 million people paying for its mail-order and digital businesses. Blockbuster had 1.2 million subscribers to its mail-order business at the end of October, down from 1.5 million a year earlier.
Blockbuster could close hundreds more stores under new ownership, the people familiar with the matter said. Both Mr. Icahn and the Monarch-led group have discussed closing about 1,000 of the chain's more than 5,000 remaining outlets. Blockbuster has closed more than 1,000 stores in the U.S. during the past two years. Any decisions about store closures probably wouldn't occur until Blockbuster reaches a deal with a buyer, one of these people said.
Write to Mike Spector at mike.spector@wsj.com
http://online.wsj.com/article/SB10001424052748704132204576136420346744208.html
Hold em or fold em??? I have 201K and realy like the way things sound with Ichan's name being bandied about and the recent volume, but looking at the 2 day green it sure is tempting to punch out. -- What do you savy investors have to say about that? thanks in asdvance.
.07 EOD? :D
BLOBQ @ .064!
I have over 200k class b shares. Honestly I had been day trading BLOBQ, with some success. I decided to hold for the bigger run , hopefully again. After reding the legal filings, it seems to me there are a lot of parties to this suit. bUT, READING THROUGH THE LANGUAUGE , ONE THEME SEEMS TO BE PROPOGATED, EVERYONE INVOLVED WANTS TO KEEP bLOCKBUSTER IN OPPERATION, yes/ no ? If Blob was simply throwing out rhetorical hopes about digital bus. expansion , as well as , other new areas of business development, do you not think the creditors would have stated that in direct language? Bottom line I do not think Blockbuster is going to be dissolved. Any comments or guidance would be appreciated - Thanks in advance.
Ad Hoc Committee's Reply to Debtors' Objection to Motion for Rule 2004 Examination
http://www.kccllc.net/documents/1014997/1014997110118000000000001.pdf
BLOBQ had a higher volume day than BLOAQ. This rarely happens......I noticed a few 100K+ buy orders today as well
Tomorrow we see green here.IMO
Blockbuster Creditor Sues Icahn
"A creditor in the Blockbuster bankruptcy sued the billionaire Carl C. Icahn over claims that he improperly converted his equity stake to debt to take control of the company after its reorganization."
BLOBQ @ .104!
BLOBQ @ .0935!
BLOBQ @ .0895!
This might be why both BLOBQ and BLOAQ are red today. Was watching all day and holding off after this was put up on google finance:
Blockbuster in 2011: Path to Shrinkage
By Jeanine Poggi 12/20/10 - 03:07 PM EST
2 CommentsAdd CommentStock quotes in this article:BLOAQ.PK, BBI, BLOKA.PK NEW YORK (TheStreet) -- Blockbuster(BLOAQ.PK) will shutter 182 stores in 2011, as it works to emerge from bankruptcy.
More on BLOAQ.PK
Blockbuster Creditor Banned From Probing IcahnBlockbuster Kiosks to Partner With Warner Bros.Blockbuster Isn't WaitingMarket Activity
Blockbuster Inc.| BBI The movie rental giant, which is currently battling it out in bankruptcy court, disclosed in a filing with Manhattan bankruptcy court that it will close 72 stores before the end of the year and 110 early next year.
Blockbuster has already closed about 1,000 underperforming stores in the past two years. The company had about 3,000 locations when it filed Ch. 11 in September, and said business would go on as normal.
Nonetheless, analysts have said that they expect Blockbuster's footprint to shrink substantially, with some estimating the company will close between 500 to 800 stores.
In the last several weeks, Blockbuster has appeared to ramp up its advertising with the promotion "Less Waiting. More Watching."
Last week its Blockbuster Express kiosk business announced a partnership with Warner Bros, and earlier in the month said it would begin testing renting select DVDs the day they are released for home purchase.
The company is expected to emerge from bankruptcy protection in the second quarter of 2011 under new owners led by billionaire Carl Icahn, according to reports.
--Written by Jeanine Poggi in New York.
>To contact the writer of this article, click here: Jeanine Poggi.
>To follow the writer on Twitter, go to http://twitter.com/jpoggi.
>To submit a news tip, send an email to: tips@thestreet.com.
http://www.thestreet.com/story/10951903/1/blockbuster-in-2011-path-to-shrinkage.html
Just bought Bs At .07 could someone explain the defference between As & Bs
NOT TRUE. they said "blockbuster" with a small "b" - - meaning "big box office hits" not the company.
Full Feature Movies & Films to be featured on YouTube from Blockbuster (BLOAQ & BLOBQ Stocks)
http://www.itsfreeclassifieds.com/ads/community/community-chest/full-feature-movies-films-to-be-featured-on-youtube-from-blockbuster-bloaq-blobq-stocks-1544.html
bloaq & blobq tightening up!! looking for a run.
Daily chart shows just under 70 for BLOAQ. Since I am in both, I tend to get mixed up when I'm in a hurry and post. I see now the BLOBQ is around 74.
When I refered to limited gains, I was referring to BLOAQ which actually squeaked out a few percent gain. Sorry for the confusion.
you have to look at the daily chart instead. that weekly chart is garbage.
stockcharts on the weekly charts show RSI 14 to be below 70. Can't see the monthly RSI, but looks like the pullback was primarily yesterday although gains were limited today.
if you look at the monthly chart, its a healthy pullback indeed. the RSI is just a little overbought, and its correcting. once it gets below 70 on the RSI, it looks good again.
Thanks. Looks like it is gonna be red today, any news as to why? health pullback or other reason?
BLOBQ Level 2:
.10 (2), .11, .115, .12... $1.01
GLTU NJ!
B'S ARE ON FIRE .10 IN A FEW.
bloaq 0.184 +0.022 (+13.58%) & blobq b's0.0945 +0.0055 (+6.18%)on the move again!!
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Outstanding Shares: 72,000,000 Blockbuster Class B Shares.
Floating Shares: 66,011,000 Shares.
Shorting Shares: 5,925,502 Shares.
52-Week Price Range: 0.015 ~ 0.67
Recent Trading Range: 0.019 ~ 0.041.
Company Status: The CH11 bankruptcy was filed on 09/23/2010.
___
____________________________________________________________________________________________________________________
NEWS
Court OKs Chief Restructuring Officer for Blockbuster
By : Erik Gruenwedel | Posted: 27 Oct 2010
egruenwedel@questex.com
The court handling the bankruptcy for Blockbuster Inc. has approved the appointment of a chief restructuring officer (CRO) and related personnel to assist the Dallas-based disc rental giant through its fiscal reorganization.
Judge Burton Lifland, with U.S. Bankruptcy Court in New York, Oct. 27 authorized the retention of Alvarez & Marsal North America, who named Jeffrey Stegenga to the position of CRO, among other personnel.
Alvarez & Marsal, Stegenga and related personnel are to report to Blockbuster’s board of directors, according to the court filing.
The court also approved $125 million in debtor-in-possession funding allowing Blockbuster to maintain operations and pay studio pre-petition claims, among other expenses.
Blockbuster, which in September filed a pre-packaged
http://www.homemediamagazine.com/blockbuster/court-oks-chief-restructuring-officer-blockbuster-20977
_________________________________________________________________________________________________________________
Blockbuster(R) Conducts National Casting Call: 4,000 Employees To Be Hired to Meet Holiday Shoppers' Needs
World's Largest In-home Movie and Game Entertainment Company to Staff Up for Busiest Season
DALLAS, Oct 29, 2010 /PRNewswire via COMTEX/ -- Blockbuster announced its plans to hire approximately 4,000 seasonal employees to staff its Blockbuster stores nationwide this holiday season. In previous holiday seasons, the company has hired thousands of employees to help shoppers find the right movie, game or merchandise for renting or gift-giving.
Blockbuster is a popular destination during the holidays for renting and buying movies, as well as for Christmas shopping. According to Craig Mabrey, director of recruiting for Blockbuster, what differentiates Blockbuster from its retail and industry competition is the focus on hiring and training associates who love movies and games and can give knowledgeable recommendations based on specific needs and interests. "We know the holiday season is our busiest and we plan to hire thousands of new employees in preparation for another busy shopping season in our stores."
Historically, customer traffic increases the week leading to Thanksgiving and the momentum continues through the New Year, peaking the week between Christmas and New Years Day. The last two weeks of the year and first week of the new year are often the busiest. Hiring additional holiday staff plays an integral part in providing an enjoyable in-store experience for Blockbuster customers during this time. During the non-holiday period, Blockbuster employs approximately 25,500 employees in the U.S.
About Blockbuster
Blockbuster Inc. is a leading global provider of rental and retail movie and game entertainment. The company provides customers with convenient access to media entertainment anywhere, any way they want it - whether in-store, by-mail, through vending kiosks or digitally to their homes and mobile devices. With a highly recognized brand and a library of more than 125,000 movie and game titles, Blockbuster leverages its multichannel presence to serve nearly 47 million global customers annually. The company may be accessed worldwide at www.blockbuster.com.
SOURCE Blockbuster Inc.
www.prnewswire.com
Copyright (C) 2010 PR Newswire. All rights reserved
-0-
http://www.otcmarkets.com/stock/BLOBQ/news
_____________________________________________________________________________________________________________________________________
Looking for a Convenient Way to Get the Latest Movies?
11/02/2010 6:35 PM ET - Pr
As of 3:18 PM ET 11/3/10
As of today, consumers can watch movies on almost 100 consumer electronic and mobile devices, thanks to BLOCKBUSTER On Demand(R). With the addition of six new consumer electronics partners and seven devices this fall, BLOCKBUSTER On Demand consumers have even more options to get instant access to all the newest movies at home and on the go.
With BLOCKBUSTER On Demand, movie lovers get instant access to digital movies on the same day as DVD/Blu-ray. There are no monthly fees, and the service is available on PCs, laptops and almost 100 different Blu-ray players, smartphones, home theater systems, TVs, DVRs, digital media adapters and portable devices.
According to Bruce Anderson, BLOCKBUSTER On Demand's senior vice president and general manager, the BLOCKBUSTER On Demand service works seamlessly across different devices. Customers can rent or buy a movie on a smartphone and also watch the same movie on a Blu-ray player. They can also start watching a movie on a home theater and finish watching it on a connected TV in another room.
"We are passionate about making it easy for people to get the newest releases and all their favorite movies across an increasingly wide variety of devices from the entry-level to high-end," said Anderson. "We've launched with half a dozen new CE partners in recent weeks and continue to expand organically with existing partners. Customers know that Blockbuster always offers the latest greatest movies and our ongoing expansion shows that our partners appreciate the value that BLOCKBUSTER On Demand brings to their devices."
New Blu-ray device models supporting BLOCKBUSTER On Demand include the following models. Specific product details are available at www.blockbuster.com/devices.
Integra's high-end DBS-30.2 Blu-ray disc player features high-definition surround sound formats for Blu-ray, Dolby(R) TrueHD and Dolby Digital Plus decoding and is available through select custom installers.
Integra's other high-end Blu-ray disc player, the DBS-50.2, offers full-feature Blu-ray Disc Play Back and a High Quality Video Scaler and is available through select custom installers.
Magnavox's MB 5130 Blu-ray disc player is equipped with built-in wireless LAN, deep color support, SD card support and Energy Star 2.0 support.
Onkyo's BD-SP808, a THX and DLNA 1.5 Certified Blu-ray Disc Player with a full array of state of the art technology, including Video On Demand, premium Marvel Qdeo(TM) video scaler, and studio-master quality Dolby(R) TrueHD and DTS-HD Master Audio(TM) sound.
Sylvania's NB620SL1, a Wi-Fi-enabled Blu-ray disc player, also comes equipped with built-in wireless LAN, deep color support, SD card support and Energy Star 2.0 support.
Western Digital's WD TV(R) Live Hub(TM) media center, a Full-HD 1080p media player with a 1 terabyte (TB) built-in network hard drive and the freedom to play personal media on any screen in the home.
Yamaha's BD-A1000, designed to work with the Yamaha AVENTAGE line of components for maximum convenience, comes 3D ready and offers secondary video/audio for enhanced commentary.
About Blockbuster Inc.
Blockbuster Inc. is a leading global provider of rental and retail movie and game entertainment. The company provides customers with convenient access to media entertainment anywhere, any way they want it - whether in-store, by-mail, through vending kiosks or digitally to their homes and mobile devices. With a highly recognized brand and a library of more than 125,000 movie and game titles, Blockbuster leverages its multichannel presence to serve nearly 47 million global customers annually. The company may be accessed worldwide at www.blockbuster.com.
SOURCE Blockbuster Inc.
_____________________________________________________________________________________________________________________________________________
Blockbuster Gets Final Court Approval of 'DIP' Financing
Wednesday 11/03/2010 1:18 AM ET - Close-up MediaRelated Companies
As of 3:18 PM ET 11/3/10
Blockbuster Inc., a provider of rental and retail movie and game entertainment, announced that it has received final authorization from the U.S. Bankruptcy Court for the Southern District of New York to obtain $125 million in "debtor-in-possession" (DIP) financing from certain of the Company's senior noteholders.
According to a release on October 27, the funding is available to help Blockbuster meet its obligations to customers, suppliers and employees in the ordinary course as it implements a plan to recapitalize its balance sheet and substantially reduce debt. The Court had previously authorized Blockbuster access to $20 million of the DIP financing on an interim basis. Today's final order allows Blockbuster to access the entire $125 million facility.
The Court also approved the retention of certain legal and restructuring advisors and granted Blockbuster authority to pay certain prepetition claims of movie studios and game providers.
On September 23, Blockbuster announced that it reached agreement with its senior noteholders on the material terms of a plan to recapitalize its balance sheet and reduce debt from nearly $1 billion currently to an estimated $100 million or less when the plan is implemented, the Company said. The Company and its domestic subsidiaries filed voluntary Chapter 11 petitions to implement the recapitalization.
Jim Keyes, chairman and chief executive officer, said: "We are pleased that the court has granted these final orders, which will enable us to continue to meet our obligations to customers, suppliers and employees as we move forward with the recapitalization process. We continue to work diligently with our senior noteholders, the movie studios, the unsecured creditors committee and other key parties on our recapitalization plan, which, when implemented, will strengthen our balance sheet and allow us to continue transforming our business model."
All of Blockbuster's U.S. operations, including its stores, DVD vending kiosks, by-mail and digital businesses, are open and serving customers in the normal course. Blockbuster is fulfilling all orders as usual.
More company information:
www.blockbuster.com
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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