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"Blockbuster Says It Has No Plans To File For Bankruptcy
Posted by Eric Savitz
Blockbuster (BBI) this afternoon confirmed in an interview with Tech Trader Daily that the company has hired Kirkland and Ellis for assistance with our ongoing financing and capital raising initiatives, but added that we do not intend to file for bankruptcy.
Blockbuster spokeswoman Karen Raskopf said the company will provide an update on its refinancing efforts on its March 19 earnings call.
She noted that the company said on its third-quarter earnings call that the company has a $28 million term loan and a revolving credit line that come due in August 28. The companys most recent balance sheet shows a total $209 million of long-term debt classified as short term."