Amid reports today in the Wall Street Journal that investor Carl Icahn and Dish Network, and even South Korean company SK Telecom, are reportedly preparing bids for Blockbuster ahead of its auction Monday, creditors like Microsoft, Yahoo and T-Mobile are worried that whomever buys the bankrupt movie-rental retailer won’t be able to settle its debt to them. Bloomberg reported today that more than 50 such creditors have filed objections to a sale in U.S. Bankruptcy Court. These are apart from the larger creditors, like Hollywood studios, who agreed to a deal earlier this month that allowed the auction process to move forward. That bidding process is designed to eclipse a $290M “stalking horse” offer by a venture group led by Monarch Capital.
By THE DEADLINE TEAM | Friday April 1, 2011 @ 10:44am PDTTags: Auction, Blockbuster, Carl Icahn, Dish Network
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This article was printed from http://www.deadline.com/2011/04/blockbuster-creditors-amassing-against-auction/