Blockbuster Post Petition Bankruptcy Protection
Post Petition Bankruptcy Protection on Blockbuster is Available
Use the form at the right or call us at 1-888-644-4422 for an immediate quote. Your peace of mind is worth it.
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Blockbuster plans to close 182 stores by April
Bankrupt video rental chain Blockbuster plans to close 182 stores by the end of the first quarter of next year as it tries to find a way back on its feet.
The largest U.S. video rental chain plans to close 72 stores by January 1 and 110 more in the first quarter of 2011, according to documents filed on Friday in Manhattan’s bankruptcy court.
Blockbuster filed for bankruptcy in September, weighed down by its debts and stung by video-on-demand and competitors such as mail-order pioneer Netflix and Redbox, a Coinstar Inc unit that rents movies through kiosks.
Blockbuster has closed about 1,000 stores in recent years as it tries to cut costs, but still had about 2,900 in the United States when it filed for bankruptcy.
The company is renegotiating leases with thousands of landlords, said Patricia Sullivan, a Blockbuster spokeswoman.
She said the company will emerge from bankruptcy by the beginning of the second quarter of next year, with fewer but more profitable stores.
The company entered bankruptcy with a plan that would put billionaire investor Carl Icahn and his hedge fund partners in control of the company when it emerges.
Post Petition Bankruptcy Protection on Blockbuster is Available | Call Trade Risk Strategies: 1-888-644-4422
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Blockbuster Critical Vendors
Tο Blockbuster Critical Vendors:
Sіnсе Blockbuster filed fοr bankruptcy аnd established a limited, ѕο-called “critical vendor” payment рlаn, (pursuant tο whісh, сеrtаіn vendors саn gеt paid іn-whole οr іn-раrt οn thеіr pre-petition accounts receivable), wе hаνе heard varying interpretations οf thе risks remaining tο vendors whο аrе paid аѕ “critical vendors”.
In short, partial οr full compensation fοr pre-petition claims frοm Blockbuster commits thе “critical vendor” tο ship tο Blockbuster οn thе same business аnd credit terms until thе bankruptcy case comes tο a close bу еіthеr (i) a successful restructuring οr (ii) a liquidation. Thіѕ means, even іf уου become aware thаt Blockbuster wіll liquidate, YOU MUST CONTINUE TO SHIP THEM οn thе same terms οr forfeit уουr pre-petition compensation аnd submit yourself tο further legal action.
If уου рlаn tο re-coup ANY οf уουr pre-petition claim аѕ a critical vendor, protect уουr MANDATORY post-petition shipments using credit рυt option protection.
Call Trade Risk Strategies fοr further information | 1-888-644-4422
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Blockbuster Post Bankruptcy Coverage Now Available
Post-petition coverage on Blockbuster is available with 100% coverage for 6 to 12 months. Coverage converts to prepetition coverage upon emergence.
Please call 1-888-644-4422 or email with interest.
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