Blockbuster Express

September 6, 2010 by USA Post 

Blockbuster Express, Dallas-based Blockbuster, which has twice agreed to leniency agreements (extensions of debt) to the holders of its senior secured notes, is on the hook to pay 42.4 million and a payment of interest on the notes of 30 September.

The DVD rental chain, according to media reports andanlysts, is expected to file a pre-packaged bankruptcy before the deadline for payment of interest.

In a regulatory filing, Blockbuster said it was excluded from the payment of semiannual interest payments on the junior notes for non-payment of its obligations senior bonds.

The chain is struggling to restructure and recapitalize or over 980 million in debt, diversified distribution movie rental through Blockbuster Express kiosks, by mail, Blockbuster On Demand, mobile phone and a smaller footprint of the stores retail.

Blockbuster shares closed 2 September 1 cents to 7 cents per share in the average trade.
Fiscally challenged Blockbuster Inc. said September 2 September 1 lost interest payments to holders of a junior secured notes or bonds.

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