| pSeveral bidders are set to duke it out for Blockbuster Inc. at a bankruptcy auction in New York today. They reportedly include Dish Network Corp. and billionaire investor Carl Icahn./ppThe movie-rental chain has received several bids other than the opening bid of $290 million from a group of debtholders made in February. Blockbuster filed for Chapter 11 bankruptcy protection in September./ppDish and Icahn have each submitted a bid, The Wall Street Journal reported Friday, citing anonymous sources familiar with the matter. /ppDish Network declined to comment. Icahn could not immediately be reached for comment./ppJay Indyke, attorney for the committee of unsecured creditors, says several bids had come in but did not specify who they are from./ppIcahn has been expected to make a bid. He was part of the group of debtholders that provided Blockbuster financing to operate while in bankruptcy in September. Everyone in that group, except for Icahn, made an opening bid in February, known as a “stalking horse” bid, to buy Blockbuster for $290 million. /ppBlockbuster used to dominate the U.S. movie rental business. But it lost money for years as that business declined because customers shifted to Netflix Inc., video on demand and DVD rental kiosks./ppProspective bidders are either after Blockbuster’s assets, such as its name, kiosks and movie-download service, or the money they can make from liquidating the brand, analysts said./p |
|
Legal News RSS Feed
