Blockbuster Set to File for Bankruptcy Protection in September
August 30, 2010
Dallas-based Blockbuster Inc. is most likely planning to file for bankruptcy in September, according to The Dallas Morning News. For nearly two years, the company has warned that it may need to file for bankruptcy protection to reorganize its $1 billion of debt. Unnamed sources told the Los Angeles Times that a "pre-planned" bankruptcy filing, which would require agreement from the company's largest creditors and suppliers, will likely take place around mid-September. Patty Sullivan, a Blockbuster spokeswoman, would not confirm a bankruptcy date. "We continue to explore all of our options and are making good progress in our recapitalization process," she said. "Our discussions with the studios and bondholders continue to be productive and we have every reason to believe we will come out ... financially stronger and more competitively positioned for the future." In 2010 so far, Blockbuster has already closed 507 U.S. stores and renegotiated leases on 673 locations.
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