Dish Network Corp. won Blockbuster Inc. in a bankruptcy auction for about $320 million, a move that could see the second-largest U.S. satellite TV provider tapping the movie rental chain’s online content to strengthen its offerings. Get the full story »
Blockbuster
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Blockbuster receives 5 bids at bankruptcy auction
A Blockbuster at Foster and Pulaski in Chicago, Feb. 24, 2011. (Chris Sweda/Chicago Tribune)
A bankruptcy auction for movie rental chain Blockbuster Inc kicked off with a $284 million bid from Dish Network Corp on Tuesday, quickly topped by bids from rival groups led by billionaire Carl Icahn and hedge fund Monarch Alternative Capital
The auction in U.S. Bankruptcy Court in Manhattan will decide the fate of the movie rental chain, which filed for bankruptcy last September. The company put itself up for sale in February after a reorganization plan fell apart. Get the full story »
Ongoing auction delays Blockbuster’s fate
A bankruptcy auction of Blockbuster Inc. was set to stretch into a second day after preliminary talks between bidders and the movie rental chain’s representatives dragged on late Monday, a company spokesman said. Get the full story »
Blockbuster gift cards another Chapter 11 casualty
Heads up anyone with a Blockbuster gift card. Better use it right away.
As part of Blockbuster’s bankruptcy process, the movie rental company will not honor any of its gift cards after April 6, as technically the company will be sold to creditors. Get the full story »
Dish, Icahn reportedly make bids for Blockbuster
Dish Network Corp., the satellite-television company controlled by Charlie Ergen, and billionaire investor Carl Icahn have each submitted bids for Blockbuster Inc. before a bankruptcy court auction next week, said people familiar with the matter. Get the full story »
Judge clears way for Blockbuster sale
A judge Thursday cleared the way for movie-rental company Blockbuster Inc. to sell itself to a group of hedge funds, after lawyers spent all day in courthouse hallways brokering a deal with movie studios that had objected to the sale terms. The ruling gives the movie studios a better deal and staves off immediate liquidation of Blockbuster’s assets. Get the full story »
Blockbuster puts itself up for sale for $290 million
Home video chain Blockbuster Inc., in bankruptcy, has opted to put itself up for sale after creditors were unable to agree on a recapitalization plan.
The Dallas-based company said Monday that it has submitted a plan for an auction process to U.S. Bankruptcy Court in New York. A holding company formed by four if its largest creditors — Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Varde Partners — has submitted an opening “stalking horse” bid of $290 million. Get the full story »
Blockbuster prepares itself for sale
Blockbuster Inc., which filed for bankruptcy last year, is preparing to put itself up for sale after creditors disagreed on plans to give the chain more cash, the Wall Street Journal reported Thursday, citing unnamed sources. Get the full story »
Blockbuster hits creditors up for another $250M
Blockbuster Inc. is asking creditors to put up more money to help it exit bankruptcy protection, prompting a debate among bondholders about whether to invest further in the struggling video chain or put it up for sale, people familiar with the matter said.
When Blockbuster filed for Chapter 11 protection in September, the company had agreed to turn ownership over to its creditors. But after poor holiday sales and new estimates for a costlier turnaround, the company is asking bondholders for an additional $200 million to $250 million to be used after the chain exits court protection. Get the full story »
Creditor sues Icahn over Blockbuster bankruptcy
Disgruntled Blockbuster Inc. creditor Lyme Regis Partners LLC has sued Carl Icahn, alleging that the billionaire investor set the video-rental chain up to fail so he could take it over.
In the lawsuit filed last week in the U.S. Bankruptcy Court in Manhattan, junior bondholder Lyme Regis said Icahn took advantage of his “insider” status, including his approval of a 2009 bond issuance while he served as a Blockbuster board member, to put himself in a position to own the company upon its emergence from Chapter 11. Get the full story »
Blockbuster plans to shed 182 more stores
Bankrupt video rental chain Blockbuster Inc. plans to close 182 stores by the end of the first quarter as it tries to find a way back on its feet.
The largest U.S. video rental chain plans to close 72 stores by Jan. 1 and 110 more in the first quarter of 2011, according to documents filed Friday in Manhattan’s bankruptcy court. Get the full story »
Blockbuster kiosks to test early rentals for $2.99
The company that runs Blockbuster Express kiosks is testing whether people will pay more to rent DVDs and Blu-ray discs of new movies 28 days before they are available from other vending machines. Get the full story »
Fox wins delay on rentals at Blockbuster kiosks
NCR Corp., which operates Blockbuster Express DVD rental kiosks, has agreed to delay rentals of 20th Century Fox DVDs until 28 days after their release, in its second such deal with a studio.
NCR’s competitors, Coinstar Inc-owned kiosk company Redbox, and Netflix, have also agreed to 28-day delays from several studios.
But NCR said its agreement with News Corp.’s movie studio also allows the kiosk operator to test premium-pricing in select markets for renting out Fox DVDs the same day those titles hit stores. Get the full story »
Nov. 2, 2010 at 1:18 p.m.
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Filed under: Bankruptcy, Entertainment, Jobs/employment, Retail, Video Blockbuster to hire, add promotions for holiday
Don’t count Blockbuster out yet.
The Dallas-based movie and game rental chain is hiring about 4,000 seasonal employees to staff its stores nationwide this holiday season. That’s comparable to previous years when Blockbuster wasn’t reorganizing under Chapter 11 bankruptcy. Get the full story »
Blockbuster shareholder group stands up to Icahn
A large group of Blockbuster Inc. shareholders is seeking a better offer for the bankrupt movie rental chain than the deal that would put billionaire Carl Icahn and a group of hedge funds in control.
Shareholder Greg Maggipinto said he and other investors who own up to 40 percent of the stock think Icahn’s deal, which would wipe out his holdings, undervalues the company. Get the full story »
