BLOCKBUSTER PREPARES TO SELL SELF

Blockbuster Inc. is preparing to put itself up for sale after creditors disagreed on plans to give the Company more cash to help it exit bankruptcy protection, according to The Wall Street Journal.

News of the purported sale came after Blockbuster missed a February 4 deadline under its DIP Credit Agreement to file a plan of reorganization, obtain approval of its business plan from a supermajority of consenting noteholders, and employ a chief executive officer acceptable to the noteholders.

For the full story, read BLOCKBUSTER Bankruptcy News, Issue No. 18.

Issue No. 18 of BLOCKBUSTER BANKRUPTCY NEWS contains stories with these headlines:

[00254] BLOCKBUSTER PREPARES TO SELL ITSELF, WSJ REPORT SAYS
[00255] U.S. TRUSTEE CANCELS FEB. 14 SEC. 341 MEETING
[00256] DEBTORS' APPLICATION TO EMPLOY WEIL GOTSHAL AS COUNSEL
[00257] GOLDMAN SACHS UNITS REPORT 0.1% STAKE IN BLOCKBUSTER INC.
[00258] DIAMONDBACK ENTITIES REPORT 0% STAKE IN BLOCKBUSTER INC.

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BLOCKBUSTER BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

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Bankruptcy Creditors' Service, Inc. reports on latest events arising in the chapter 11 cases commenced by Blockbuster Inc. 

Company: Bankruptcy Creditors' Service, Inc.

Contact: Peter A. Chapman

Phone: (215) 945-7000

Email: peter[@]bankrupt.com