NEW YORK (
announced on Monday the resignation of its executive vice president and chief financial officer.
Thomas M. Casey stepped down from the flailing video rental chain on Sept. 11, according to a filing with the Securities and Exchange Commission.
Dennis McGill will replace Casey as executive vice president and CFO. McGill recently served as executive vice president and chief financial officer of
Earlier in the month, Blockbuster said it missed yet another debt payment. Under an agreement, it is banned from making the semi-annual payment to junior noteholders because the flailing movie rental chain still has not made a payment to senior bondholders that was due in July.
Blockbuster has until Sept. 30 to repay the $42 million it owes to senior bondholders.
But it may not end up making that payment if reports of a prepackaged bankruptcy prove true. According to the
Los Angeles Times
, Blockbuster met with six major movie studios discussing its intention to enter a preplanned bankruptcy.
--Written by Jeanine Poggi in New York.
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