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 0915 PM PST
Updated: 02/21/2011 0916 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
inShare
1
Blockbuster reaches deal for sale, seeks more bids
By Associated Press
Posted: 02/21/2011 0915 PM PST
Updated: 02/21/2011 0916 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