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A spokeswoman for Dallas-based Blockbuster Inc. BBI) told the , a sistere publication of , March 3 that Blockbuster did hire as a consultanf to assistwith capital-raisinv initiatives, but says bankruptcy is not a strategyy the company is pursuing. The spokeswoman says Blockbuste has a bank facility that is duein August, and the companhy is hoping to get another facilitgy in place by the time the firs t line of credit expires. The spokeswoman said even without a newcreditg facility, Blockbuster, if it had to, could fund its business through the rest of the But she added, the companyt hopes that will not be so it is exploring financial options. She reiterated that a Ch.
11 bankruptct filing is not one ofthoser options. Blockbuster saw its stock price fall 77 percenf Tuesday afternoon following news reports that the company is considering filingt forbankruptcy protection. cited an unnamed source Tuesday, who indicated that the Dallas-basesd retailer had asked lega l counselKirkland & Ellis LLP to help the companh explore strategic restructuring options, which couled include a “pre-packaged” or “pre-arranged bankruptcy,” Bloomberg said in its By mid-afternoon on Tuesday, Blockbuster’sz (NYSE: BBI) stock had droppes close to 80 percent and was trading at 22 centx per share. Blockbuster has 8,000 stores in the U.S.
and in 22 other countries.
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