Becoming as predictable as the rising of the sun, bankrupt Blockbuster has once again requested additional time from its creditors to extricate itself from Chapter 11. BB has also requested more than $200 million from its bondholders to assist with its recovery.
This latest bad news from Blockbuster comes swiftly after the report that a group of shareholders are looking to replace the company’s current board due to concerns about their “credibility and competency”.
Blockbuster’s time is running out, regardless of who is running the show. The company’s extension on its reorganization plan filing lasts only until February 4. Should bondholders throw some more cash at the video rental money pit that is BB, or should the company be sold?
(via The Street)