NEW YORK (
sale of the company has hit a roadblock, as a judge called the $290 million "stalking horse" bid, "aggressive."
The offer proposed by Cobalt Video, a limited liability company formed by funds managed by Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Värde Partners, is being opposed by 45 creditors, including
(DIS - Get Report)
, Universal Studios,
(YHOO - Get Report)
and a committee of unsecured creditors.
All of the creditors, except for Summit Distributors, the movie studio that produces the
movies, agreed to a standstill on their motions to reclaim assets or liquidate the company. Their oppositions will be heard at a hearing on March 10.
Separately, movie studios made up of
Paramount Home Entertainment
Twentieth Century Fox Home Entertainment
Universal Studios Home Entertainment
Warner Bros. Home Entertainment
also formed an ad hoc committee to represent their interests, according to court documents filed on Wednesday.
--Written by Jeanine Poggi in New York.
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