Friday, February 11, 2011

Blockbuster seeking buyer; skipping plans to reorganize

Wall Street Journal reports that Blockbuster is seeking a buyer instead of completing plans to reorganize under their Chapter 11 bankruptcy filed last year. Blockbuster’s move follows reports that the company's creditors disagreed over lending additional funds. The chain is expected to ask the bankruptcy judge to approve bidding procedures for prospective buyers as early as next week.

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