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BBI Completes refinacing efforts
Blockbuster Announces Amendment of Revolving Credit and Term Loan FacilityFont size: A | A | A6:00 AM ET 4/3/09 | PR Newswire
RELATED QUOTES 8:07 AM ET 4/3/09 Symbol Last % Chg BBI 0.83 0.00% Real time quote. 1.02 Blockbuster Inc. (NYSE: BBI, BBI.B), a leading global provider of media entertainment, today announced the company, JPMorgan and a group of lenders, led by Monarch Alternative Capital LP and Silver Point Capital, L.P., have completed the amendment of the company's revolving and term loan facility. The amendment includes commitments from lenders for a $250 million revolving loan refinancing with a maturity date on September 30, 2010, which commitments the Company expects to fund in May upon satisfying the conditions set forth in the amendment. "The completion of the amendment is an important milestone for Blockbuster," stated Jim Keyes, Blockbuster Chairman and CEO. "We believe the amount that will be available under this extended facility, combined with our cash flow from operations and our cost saving initiatives, will provide the company with adequate liquidity to manage through the challenging macro economic environment and constrained capital markets. We would like to thank JPMorgan for their hard work and ongoing efforts. We would also like to express our appreciation to Monarch and Silver Point and our other lenders. We believe the tremendous support received from our lenders serves as an endorsement of Blockbuster and the company's transformation into a multi-channel provider of media entertainment." Additionally, the lenders have agreed to waive any default arising from a 'going concern' qualification for the fiscal year 2008 as part of the terms of the credit facility.
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Kawliga: You know my uncle Jerry Sandusky |
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Blockbuster Warns About Continued Operations By Erik Gruenwedel | Posted: 06 Apr 2009 Blockbuster Inc. April 6 warned shareholders if it doesn’t close a previously announced amended credit facility by May 11, its ability to continue operations could be in “substantial doubt.” The Dallas-based No. 1 DVD rental company issued the caveat in its annual report filed with the Securities and Exchange Commission. Blockbuster, which had a credit facility and Term A loan facility come due April 2, last week received a $250 million revolving credit facility commitment from JP Morgan and others lenders, due Sept. 30, 2010. “The risk that we may not successfully complete this refinancing ... raises substantial doubt about our ability to continue as a going concern,” the company said in the 290-page filing. Blockbuster operates 5,800 company-owned stores globally (3,878 in the United States), in addition to 1,599 franchise stores worldwide (707 domestically). |
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i have read this a thousand times. and it makes my head hurt.
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With you guys until the very end. Thank you for all the years of good times and great friends! |
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Blockbuster may shut retail stores by Brennon Slattery, pcworld.com The following article is reprinted from the Today@PC World blog at PCWorld.com. Once Goliath to Netlflix’s David, Blockbuster appears on the defensive in an effort to stay relevant to movie fans and viable as a business. In a filing with the U.S. Securities and Exchange Committee Monday, Blockbuster stated it may have to permanently close its retail stores. The company recently took out a $250 million loan—on top of its $780.9 million debt—and does not know if it can meet the conditions of the loan. Blockbuster said it has “substantial doubt” about continuing as a “going concern.” A going concern is business jargon for the ability to continue as a functioning business that is not forced to liquidate its assets. The company operates 7400 stores globally, which spells bad news for Blockbuster employees and brick-and-mortar movie rental mavens. Blockbuster did not fare well in a battle against DVD-by-mail powerhouse Netflix, mostly because it was late to join the innovative distribution method and invested too much time and money in other endeavors, such as a set-top box. Netflix has no retail store overhead expenses compared to Blockbuster which must keep the lights on at thousands of brick-and-mortar stores and pay retail staff. Blockbuster is also facing competition from upstarts such as Redbox Automated Retail which operate self-serve DVD rental kiosks in retail locations such as grocery stores. While many may be sad to lose the “convenience” of entering a Blockbuster store and choosing that night’s rental, more have chosen Netflix, one of few companies in this recession that posted a fourth-quarter profit, leading many to believe Netflix is recession-proof. From the looks of its numbers, and its own grim outlook on the situation, I’m betting Blockbuster closes sooner rather than later. |
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Its meaningless story. For how much you hope they go down for your piddily little shit pile indy orbit. I kind of hope your shit hole goes broke. You better hope they dont claim BNKRPCY That will give them cash to do even more and your little shit hole in the wall is in more trouble. Feel free to lie abouts its success though, because u will.
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Kawliga: You know my uncle Jerry Sandusky |
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I wanted them back too...
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A true outlaw finds the balance between the passion in his heart and the reason in his mind. The outcome is the balance of might and right. |
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Ghost of AtlanticVamp (April 8th, 2009) |
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hahahah i loved carl and ray. lmao.
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With you guys until the very end. Thank you for all the years of good times and great friends! |
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all the doubters..blockbuster will be fine..ull see
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I learned that dreams don’t work without action; I learned that no one could stop me but me. I learned that love is stronger than hate. And most important, I learned that God does exist. He and/or She is right inside you, underneath the pain, the sorrow, and the shame. |
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I know that I trust the PC World blog for all of my financial analysis. Good lord!
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