Blockbuster Won't Liquidate
Unsecured lenders could get up to $7.5 million of the approximately $40 million Blockbuster owes them and also share in the money from any higher bid.
Separately, Lifland said Carl Icahn and his funds are allowed to bid for Blockbuster in an auction. This comes after one junior creditor said the billionaire should not be able to participate in an auction.
Blockbuster filed for a Chapter 11 bankruptcy reorganization at the end of September, at the time saying it would continue to operate stores and pay employees.
It was speculated that Blockbuster would be forced to enter Chapter 7 liquidation, following the path of now defunct rival Movie Gallery.-- 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: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV