Blockbuster filed for Chapter 11 bankruptcy early Thursday morning in the U.S. Bankruptcy Court for the Southern District of New York. The move is part of the movie rental company’s effort to reduce its debt.
To complete its spinoff from Viacom in 2004, Blockbuster had to pay Viacom shareholders $5 per share which amounted to approximately $1 billion in debt for Blockbuster. The company is looking to reduce that debt to $100 million or less.
Blockbuster says its U.S. stores will remain open during bankruptcy proceedings because they received $125 million in financing from senior bondholders. The company shut down about 1,500 of its stores last year and now operates around 3,000 locations across the country.
Click here for more Business News
WooEB Community is a business, music and social networking community. WooEB provides members with a wealth of applications that enable them to create an in-depth profile within the community. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the WooEB community. WooEB provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.
To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.