Blockbuster Video Bankrupt – It’s Official
Source: Rebel Traders
After months of expecting Blockbuster to file for bankruptcy they finally did.
Loss-making DVD rental chain Blockbuster filed for Chapter 11 bankruptcy protection in the US today, after being hammered by mail-order and online film rental services.
But the 25-year-old company should swiftly re-emerge after a restructuring deal was agreed with creditors who include the billionaire veteran US investor Carl Icahn.
Icahn is among a number of bondholders who will swap debt for equity in a revamped company that should see borrowings slashed from $900m to little more than $100m.
He owns about one third of Blockbuster’s senior loan notes, but stepped down as a director of the company six months ago to play a major role in restructuring talks.
Blockbuster’s “pre-arranged” bankruptcy protection move is designed to give it time to recapitalize its US operations and to focus on its online business, which is playing catch-up with rivals.{…}
Blockbuster has roughly 3,500 remaining stores in the US, making it the country’s last major DVD franchise – rival chain Hollywood Video collapsed earlier this year. (Guardian)
My view is that Blockbuster will emerge from bankruptcy and make a go at online and movie streaming services. But I give them 2 years and they will be finished for good. I also anticipate that nearly 50%, if not more, of their current retail centers will close in the bankruptcy process.
Like I said earlier in the year: Blockbuster employees better get their resumes in order
Blockbuster Video Bankrupt – It’s Official is a post from: Rebel Traders – Stock Market and Economic Analysis
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