Bankrupt Blockbuster to be Sold


A federal bankruptcy court judge has decided that movie rental chain Blockbuster is to be sold to avoid liquidation. This followed a protracted day of negotiations among its many creditors that include hedge funds, small unsecured creditors, major Hollywood movie studios and investor Carl C. Icahn. They finally agreed to common terms and conditions for the sale after an entire day of discussions.

Blockbuster filed for Chapter 11 bankruptcy in September last year has been locked in disputes since. The company prefers to be sold and was hoping bankruptcy judge Burton R. Lifland would approve an offer from a group of senior bondholders led by hedge fund Monarch Alternative Capital to buy the movie chain for $290 million.

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