Blockbuster Announces Auction, $290M Creditor Bid

Law360, New York (February 22, 2011, 5:04 PM EST) -- Bankrupt Blockbuster Inc. on Monday announced a plan to sell itself at auction, armed with a purchase agreement from a stalking horse bidder promising at least $290 million for the video rental giant.

Blockbuster filed a motion for approval of the auction Monday in the U.S. Bankruptcy Court for the Southern District of New York, saying several creditors had formed a holding company called Cobalt Video Holdco LLC, which agreed to serve as the stalking horse bidder in the auction to set a minimum acceptable bid....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.