Thursday, September 23, 2010

Blockbuster Busted--Files Chapter 11 Bankruptcy

Blockbuster logoImage via Wikipedia
Dallas-based movie rental chain Blockbuster, Inc.(NYSE: BBI, BBLB) has filed for Chapter 11 bankruptcy in U.S. Bankrutpcy Court in New York.
As reported by AmLaw Daily (,  the company lists assets of $1.02 billion and debts of $1.46 billion. According to AmLaw Daily, lead bankruptcy counsel Weil, Gotshal & Manges may oversee a fairly speedy Chapter 11 reorganization, as sufficient senior creditors purportedly are on board regarding an agreement that would reduce the company's debt by 90 percent, with principal senior lenders exchanging debt holdings for equity in the restructured company. Major debt holders include Twentieth Century Fox Home Entertainment and Warner Home Video, Inc.
Blockbuster, founded in 1985, provides in-home movie and game entertainment through more than 7,000 stores worldwide, roughly 3,000 of which are in the U.S. Netflix, Inc. has taken a large chunk of Blockbuster's business.
"TUOL" is on the lookout for a new microwave popcorn source and for old time's sake, may fine itself after a three-day period.
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  1. Sheldon,

    I am so glad that you liked my Flickr photo so much that you included it on this page. I enjoy when people use my photos, but as I noted on Flickr below each photo I let people use my photos on the condition that they provide me credit to my site. Please add my link when you can. Thanks, Dave

  2. I apologize for the oversight, Dave and will correct same.