In September, video rental company Blockbuster Inc. filed for chapter 11 commercial bankruptcy after competition from online and kiosk-based businesses led to serious financial troubles for the company. The company plans to reorganize and come out of bankruptcy in 2011.
Today, it was reported that Blockbuster lenders Carl Icahn and Monarch Alternative Capital LP approved extensions to two deadlines in their bankruptcy. Blockbuster now has until February 4th to submit a business reorganization plan to their lenders and until February 11th to submit it to the U.S. Bankruptcy Court in New York.
In addition, lenders agreed to extend the deadline on the amount of time to chose a CEO. However, current Blockbuster CEO, Jim Keyes, has stated that he has no intention of leaving before the company exits bankruptcy.
If the economy has taken a toll on your finances and you would like to speak with a compassionate Milwaukee bankruptcy attorney about filing for personal bankruptcy protection, contact DeLadurantey Law Office, LLC at 414-377-0518 to set up an appointment.