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bankruptcy protection posts

Blockbuster Files for Chapter 11 Bankruptcy Protection

Posted Sep 23rd 2010 8:30AM by Mark Fightmaster (RSS feed)
Filed under: Netflix, Inc. (NFLX), Blockbuster Inc 'A' (BBI)

blockbuster bankruptcy Early Thursday morning, Blockbuster (BLOKA) announced that it filed for voluntary Chapter 11 bankruptcy petitions. The move comes after an agreement with bondholders to recapitalize the movie and game rental chain.

According to the company, the filing in the U.S. Bankruptcy Court of the Southern District of New York applies to the company and its domestic subsidiaries, but not to the non-U.S. operations or the group's franchisees. Reportedly, the group has agreed on a deal with bondholders to swap secured notes for equity in a reorganized Blockbuster.

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Citadel Broadcasting Declares Bankruptcy

Posted Dec 21st 2009 10:30AM by Mark Fightmaster (RSS feed)
Filed under: Bad News

Radio station owner Citadel Broadcasting (CTDB) filed for U.S. bankruptcy protection in Manhattan, striking a deal to jettison roughly $1.4 billion in debt. In its Chapter 11 filing, Citadel listed assets of $1.4 billion and debt of $2.5 billion.

The broadcasting company turned to bankruptcy in order to enact a pre-negotiated plan that will convert a $2.1 billion loan into a $62.5 million term loan. This plan has the support of 60% of CTDB's secured lenders. CTDB owns WABC in New York and WLS in Chicago, and the company will operate these stations as usual throughout the bankruptcy. The operation will be funded by $36 million in on-hand cash.

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