Blockbuster has secured court approval to proceed with a sale of company to a group of hedge funds, The Wall Street Journal reports. A group of senior bondholders led by hedge fund, Monarch Alternative Capital, made a $290 million initial offer for the movie-rental company.
The Texas-based company, which filed for Chapter 11 protection in September last year, intends to use proceeds from the sale to pay its creditors. As per the agreement, creditors will get more money upfront and also receive a share of any offer above the $290 million bid, adds The New York Times.
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