Blockbuster Receives More Time to Restructure Debt, and a Chance to Avoid Bankruptcy

Aug 16, 2010  •  Post A Comment

Blockbuster, the struggling DVD rental chain, has been given more time from its debt holders to restructure its debt, but if it’s unable to do so before the end of September, the company may have to file for bankruptcy protection, reports the Los Angeles Times.

Blockbuster, the largest DVD rental chain in the U.S., nonetheless warned investors on Friday that even if it successfully restructures its debt, it may still need to file for a Chapter 11 reorganization because of its slumping business.

The Dallas-based company said sales plunged 20% in the quarter ended July 4, while its net loss grew to $69 million, the article says. The company holds just $64.3 million in cash and $920.4 million in debt, making it difficult for the retailer to invest in growth, the story adds.


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