Blockbuster gets more time to pay debt

A second extension delays today's payment deadline till the end of September.

By TheStreet Staff Aug 13, 2010 11:27AM

TheStreetBy Jeanine Poggi, TheStreet 

 

Blockbuster's debt payment deadline has been extended to Sept. 30.

 

The movie rental retailer was scheduled to make the payment today. This is the second extension Blockbuster has received this summer. Last month creditors moved the payment up one month.

 

Blockbuster said it continues to discuss recapitalization opportunities with its creditors.

 

"We appreciate the continued cooperation of our senior secured noteholders and the other parties involved in our ongoing recapitalization efforts," chief executive Jim Keyes said. "While making progress, this extension allows additional time to complete these complex, multiparty negotiations."

Blockbuster reported a second-quarter loss of $69 million, or 32 cents a share, compared with a loss of $37 million, or 21 cents, in the year-ago period. It was significantly larger than the loss of 24 cents analysts expected.

 

Blockbuster's revenue dropped 20% to $788 million from $982 million, missing forecasts for $840.1 million.

 

The company had canceled its call with analysts, citing "the sensitive nature" of ongoing recapitalization efforts.

 

Related Articles

1Comment
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

122
122 rated 1
288
288 rated 2
472
472 rated 3
638
638 rated 4
628
628 rated 5
704
704 rated 6
609
609 rated 7
489
489 rated 8
275
275 rated 9
129
129 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
AAPLAPPLE Inc10
ATVIACTIVISION BLIZZARD Inc10
CTSHCOGNIZANT TECHNOLOGY SOLUTIONS10
FOXATWENTY-FIRST CENTURY FOX Inc CLASS A10
ITUBITAU UNIBANCO BANCO MULTIPLO S.A.10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.