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Blockbuster Denies Bankruptcy Rumors

Law360 (March 3, 2009, 12:00 AM EST) -- Blockbuster Inc. has hired Kirkland & Ellis LLP to work on refinancing efforts but is not planning to file for bankruptcy, the company said Tuesday.

After media reports citing anonymous sources stated earlier in the day that the world's largest movie-rental chain was considering a possible prepackaged bankruptcy, Blockbuster's stock plummeted 77 percent to 22 cents before trading was halted.

However, Blockbuster spokeswoman Karen Raskopf said Tuesday evening, "We do not intend to file for bankruptcy."

The company is seeking to get new financing in place...
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