290 Mil 4 blockbuster?

Discussion in 'Media' started by Mr.Fitnah, Feb 22, 2011.

  1. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    It isnt worth 10 bucks WTF



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    Blockbuster reaches deal for sale, seeks more bids


    By Associated Press
    Posted: 02/21/2011 09:20:15 PM PST
    Updated: 02/21/2011 09:20:16 PM PST

    DALLAS -- Movie rental chain Blockbuster said Monday it signed a $290 million deal to be brought out of bankruptcy by a group of investors.
    The offer from Cobalt Video Holdco is a so-called "stalking horse" bid, which Blockbuster hopes will attract other bidders who will offer more.
    The Cobalt group includes funds managed by Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Värde Partners. They all hold secured Blockbuster debt, so they stand to benefit if someone else buys the company for more than the amount they paid for their Blockbuster debt.
    The deal needs approval from the federal bankruptcy judge overseeing Blockbuster's reorganization. The company said other bidders would have 30 days after the process is approved by the judge to submit their own bids. That would prompt an auction, the company said.
    Blockbuster said it aims to close a final sale by April 20.

    Blockbuster reaches deal for sale, seeks more bids - San Jose Mercury News
     
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  2. JamesInFlorida
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    JamesInFlorida Senior Member

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    Blockbuster is on the way out. Their stores are closing like crazy, I worked at the one by me back in highschool and the lines used to be out the door-I went in there the other night for the first time in years, and it was me, and one other person in there. They waited entirely too long to react to Netflix, and Redbox-much better deals.

    Blockbuster is just delaying what's going to happen.
     
  3. Missourian
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    Missourian Gold Member

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    We have no brick and mortar video stores in my town...10,000 residents and a college.

    The last one closed their doors 6 months ago.

    Six Red-Boxes, Netflix and free online movie sites drove them out of business.
     
  4. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I guess "BlockBuster" still has name value.
     

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