Ch. 11 May Be Looming For Blockbuster

Law360, New York (March 16, 2010, 6:05 PM EDT) -- Citing about $975 million in debt under senior secured notes, DVD rental chain Blockbuster Inc. said bankruptcy could be in its future if initiatives to generate liquidity prove unsuccessful in the next few months.

Blockbuster sustained a net loss of $558 million in 2009 and saw revenues dip 13 percent, according to the company's annual Form 10-K, filed Tuesday with the U.S. Securities and Exchange Commission.

The company said it hopes to survive as a going concern through cash-generating actions like closing stores, divesting international operations...
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