The Wall Street Journal said Thursday the flailing movie retail chain is preparing to put itself on the block after creditors disagreed on giving it more money to help it exit bankruptcy protection.
Blockbuster is now seeking buyers rather than reorganization and could ask the judge to approve bidding procedures as soon as next week, the Journal said citing sources familiar with the matter.
Creditors such as Carl Icahn and a consortium led by Monarch Alternative Capital, could be potential bidders, according to the report, which estimated Blockbuster could garner bids as high as $300 million.--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: firstname.lastname@example.org.