Blockbuster is seeking an additional $200-250 million from its bondholders, The Wall Street Journal reports. The video rental chain will use the money to exit from Chapter 11 bankruptcy protection.
The bondholders are led by billionaire investor, Carl Icahn, and hedge-fund Monarch Alternative Capital. Blockbuster is seeking to emerge from bankruptcy nearly debt free by wiping out over $900 million in obligations to bondholders and wants additional equity to boost its restructuring efforts.
Click here for the story from The Wall Street Journal.