Some landlords, vendors and other unsecured creditors of Blockbuster are objecting to Blockbuster's plan to sell itself because they fear they won't be paid what they are owed, according to the Associated Press.
Blockbuster has received an extension to Feb. 4 to file its restructuring plan in order to emerge from bankruptcy protection, according to a regulatory filing with the Securities and Exchange Commission.
Bankrupt grocer A&P has announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the $800 million debtor-in-possession financing provided by JPMorgan Chase. Of the total DIP facility, a $350 million term loan immediately has been made available.
Battling hefty debt and intense competition, grocer A&P filed for bankruptcy on Sunday and has secured $800 million in debtor-in-possessing financing to keep the 395-store chain open and operational during the proceedings.
New York City - Blockbuster filed for bankruptcy early Thursday morning in its latest attempt to overcome nearly $1 billion in debt. The chain filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. As part of its re-capitalization plan, Blockbuster said it would attempt to reduce its debt load to $100 million or less.