Deals
Blockbuster to Sell Itself to Debtholder Group for $290 Million
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Blockbuster Inc., the bankrupt movie rental chain, agreed to sell itself to a group of debtholders for $290 million in a stalking horse bid that is subject to higher and better offers.
The company entered into an asset purchase agreement with Cobalt Video Holdco LLC, formed by secured noteholders Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Varde Partners Inc. The deal needs approval from bankruptcy court.