cctyq , bloomberg update .
bloomberg update.
blockbuster and Tycoon Salinas bidding to buy out CC. Hopefuly we get news today after market or 2morrow.
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Assets in 3.4 bil debt 2.3 bil , so still 1.1 bil will be left for all the unsecured creditors. can I say why not buy more ?..
so it could be valued at around $5 a share with 165mil in OS after all the lawer fees etc.
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Circuit City Auction Rescheduled for Today
Hoping to save part of the chain from being liquidated in going-out-of-business sales, Circuit City Stores Inc. pushed back the auction schedule by one day.
Saying it had “received expressions of interest” about continuing some of the business as a going concern, the second- largest U.S. electronics retailer, with 721 stores when it filed under Chapter 11 in November, pushed back the initial bid deadline to yesterday afternoon and rescheduled the auction for this afternoon.
Circuit City first will auction the right to decide which liquidator makes the best offer and later today will accept offers for a going-concern sale. The company will decide which is best for creditors and present the results for approval to the bankruptcy judge at a hearing now set for Jan. 16. A going- concern buyer must provide additional financing.
Circuit City began closing 154 stores before the Nov. 10 Chapter 11 filing. The auction today is for the right to buy or liquidate the remaining stores. No buyers could be found for the leases in the stores already closed.
The petition filed in Circuit City’s hometown of Richmond, Virginia, listed assets of $3.4 billion and debt totaling $2.3 billion as of Aug. 31. Court papers show $898 million owing to the secured revolving-credit lenders. Unsecured trade suppliers are owed another $650 million, the company said in a court filing.
The case is In re Circuit City Stores Inc., 08-35653, U.S. Bankruptcy Court, Eastern District of Virginia (Richmond).
AI
