It’s been a busy day for Blockbuster news, with several major decisions being handed down from a federal bankruptcy court. BB will now have even more time to file its reorganization plan, and a motion by shareholders to hold a board replacement meeting was struck down.
Extra Time to File
Blockbuster has received many extensions on its deadline to file a post-bankruptcy reorganization plan. The new extension, put in place by a federal bankruptcy court judge, will give BB until March 21 to file its reorganization plan, and internal votes supporting the plan must be in by May 20.
Shareholder Motion Denied
A motion filed by shareholders claiming to represent nearly 70 million shares of Blockbuster stock was denied by the same judge. The motion called for a meeting to replace Blockbuster’s current board of directors, whom the shareholders behind the motion have lost confidence with.
(via Home Media Magazine)