First Analysis analyst Larry Berlin echoed confidence in the company's Redbox sales, citing good movies coming out in the second half of this year and the company competing well with Blockbuster ( BBI , news , people ). 
Share:  <span class="sent">First Analysis analyst <span class="analyst">Larry Berlin</span> echoed confidence in the company's Redbox sales, citing good movies coming out in the second half of this year and the company competing well with <span class="company">Blockbuster</span> ( BBI , news , people ).</span> Tweet this   read full story

Celentano said the board and its proxy agent, Morrow & Co., failed to fully explain to shareholders a new Securities and Exchange Commission rule that went into effect this year regarding broker voting of non voted shares. At the company's June 24 annual meeting, Keyes said the proposals to collapse A and B shares into one class and authorize a reverse stock split had passed. A week later, the company said the proposals failed, triggering NYSE to de list the company's stock. Shareholders were also critical of management's time spent on keeping Greg Meyer off the board, instead of educating shareholders about the stock proposals. 
Share:  Celentano said the board and its proxy agent, Morrow & Co., failed to fully explain to shareholders a new Securities and Exchange Commission rule that went into effect this year regarding broker voting of non voted shares. <span class="sent">At the company's June 24 annual meeting, <span class="analyst">Keyes</span> said the proposals to collapse A and B shares into one class and authorize a reverse stock split had passed.</span> A week later, the company said the proposals failed, triggering NYSE to de list the company's stock. Shareholders were also critical of management's time spent on keeping Greg Meyer off the board, instead of educating shareholders about the stock proposals. Tweet this   read full story

The announcement that Blockbuster Inc (Blockbuster) has entered into a Forbearance Agreement with certain of its senior secured noteholders does not impact Fitch's current ratings on the company. However, the ratings are expected to be downgraded to 'Restricted Default (RD)' or 'Default (D)' unless the payment default is cured by Aug. 13, 2010 
Share:  <span class="sent">The announcement that <span class="company">Blockbuster</span> Inc (<span class="company">Blockbuster</span>) has entered into a Forbearance Agreement with certain of its senior secured noteholders does not impact Fitch's current ratings on the company.</span> However, the ratings are expected to be downgraded to 'Restricted Default (RD)' or 'Default (D)' unless the payment default is cured by Aug. 13, 2010....However, the ratings are expected to be downgraded to 'Restricted Default (RD)' or 'Default (D)' unless the payment default is cured by Aug. 13, 2010.<span class="sent"> On July 1, 2010, <span class="company">Blockbuster</span> announced that it has entered into a Forbearance Agreement with holders of approximately 70% of the outstanding principal amount of the $675 million 11.75% senior secured notes due 2014.</span> Based on the terms of the Forbearance Agreement, the forbearing holders agreed to not take any action to enforce certain of their rights or remedies under the indenture with respect to the company's failure on July 1, 2010 to make the amortization and interest payments....The forbearance agreement is effective until the earliest of i) Aug. 13, 2010, ii) the occurrence or existence of any default or event of default other than the Amortization Payment Default or Interest Payment Default and iii) the occurrence of certain other events described in the forbearance agreement, such as the payment of any amounts, including any fees, principal or interest under or in connection with the senior subordinated notes.<span class="sent"> If the default forbearance period expires with the payment default uncured or if there is an extension of forbearance periods, Fitch will downgrade <span class="company">Blockbuster</span>'s Issuer Default Rating (IDR) to 'RD' from 'C'.</span> Similarly, if an agreement is reached with the noteholders in terms of a coercive debt exchange (see Fitch's report 'Coercive Debt Exchange Criteria' published on March 3, 2009), Fitch will downgrade the IDR of <span class="company">Blockbuster</span> to 'RD' from 'C' and will subsequently assign a new IDR based on the company's credit profile and its modified capital structure....<span class="sent">If the default forbearance period expires with the payment default uncured or if there is an extension of forbearance periods, Fitch will downgrade <span class="company">Blockbuster</span>'s Issuer Default Rating (IDR) to 'RD' from 'C'.</span> Similarly, if an agreement is reached with the noteholders in terms of a coercive debt exchange (see Fitch's report 'Coercive Debt Exchange Criteria' published on March 3, 2009), Fitch will downgrade the IDR of <span class="company">Blockbuster</span> to 'RD' from 'C' and will subsequently assign a new IDR based on the company's credit profile and its modified capital structure. If the company enters into bankruptcy filings or other similar procedure, <span class="company">Blockbuster</span>'s IDR will be downgraded to 'D' from 'C'....<span class="sent">Similarly, if an agreement is reached with the noteholders in terms of a coercive debt exchange (see Fitch's report 'Coercive Debt Exchange Criteria' published on March 3, 2009), Fitch will downgrade the IDR of <span class="company">Blockbuster</span> to 'RD' from 'C' and will subsequently assign a new IDR based on the company's credit profile and its modified capital structure.</span> If the company enters into bankruptcy filings or other similar procedure, <span class="company">Blockbuster</span>'s IDR will be downgraded to 'D' from 'C'. Fitch's ratings on <span class="company">Blockbuster</span> are as follows: Long term IDR 'C';....<span class="sent">If the company enters into ba Tweet this   read full story

, depreciation and amortization. even if CEO Jim Keyes says Blockbuster is "making progress in our recapitalization efforts." After these payments, the company is set to continue to lose money as it has the past few years. Since 2007, the company has lost $1 billion 
Share:  , depreciation and amortization. <span class="sent">even if CEO <span class="analyst">Jim Keyes</span> says <span class="company">Blockbuster</span> is "making progress in our recapitalization efforts."</span> After these payments, the company is set to continue to lose money as it has the past few years. Since 2007, the company has lost $1 billion....Since 2007, the company has lost $1 billion. <span class="sent">"The agreement provides us with additional time and flexibility as we continue to take steps to implement a more appropriate capital structure to support the company's strategies for long term growth," said <span class="analyst">Keyes</span>, whose contract was recently extended by <span class="company">Blockbuster</span>'s board.</span> The troubled video rental chain, which has talked of bankruptcy several times. , has struggled in recent years to deal with increased competition from Web based service Netflix ( ), kiosk DVD rental upstart Redbox ( ), on demand TV services and Internet sites. Tweet this   read full story

LOS ANGELES (Reuters) , Blockbuster Inc ( BBI. N ) stayed a step ahead of bankruptcy after winning a crucial one month reprieve on debt payments, but was forced to begin the process of delisting from the New York stock exchange. The once dominant video rental chain 
Share:  <span class="sent">LOS ANGELES (Reuters) , <span class="company">Blockbuster</span> Inc ( BBI. N ) stayed a step ahead of bankruptcy after winning a crucial one month reprieve on debt payments, but was forced to begin the process of delisting from the New York stock exchange.</span> The once dominant video rental chain....The Wall Street Journal reported last week the company was discussing a cash injection with potential partners in a deal likely to involve some bondholders converting to equity investors.<span class="sent"> Regardless, <span class="company">Blockbuster</span>'s Class A and Class B shares would be delisted for hovering below $1 over 30 trading days.</span> Tweet this   read full story

The company had been scheduled to pay $18.5 million in interest and $23.9 million in principal on the debt. CEO Jim Keyes said in a statement that the company "determined that entering into the forbearance agreement and not making the payments at this time are in the best long term interests of the Company and our stakeholders." He says the company is making progress on its recap efforts, that that they are "complex multiparty negotiations and take time." Keyes added that the company expects any recap to significantly reduce its debt and increase its financial flexibility 
Share:  The company had been scheduled to pay $18.5 million in interest and $23.9 million in principal on the debt. <span class="sent">CEO <span class="analyst">Jim Keyes</span> said in a statement that the company "determined that entering into the forbearance agreement and not making the payments at this time are in the best long term interests of the Company and our stakeholders."</span> He says the company is making progress on its recap efforts, that that they are "complex multiparty negotiations and take time." Keyes added that the company expects any recap to significantly reduce its debt and increase its financial flexibility....He says the company is making progress on its recap efforts, that that they are "complex multiparty negotiations and take time." <span class="sent"><span class="analyst">Keyes</span> added that the company expects any recap to significantly reduce its debt and increase its financial flexibility.</span> The company also said that its board has approved an extension of <span class="analyst">Keyes</span>' contract as chairman and CEO. "I have reaffirmed to the Board and our management team my commitment to facilitate the recapitalization and to continue the business transformation of <span class="company">Blockbuster</span>," <span class="analyst">Keyes</span> said in a statement....<span class="analyst">Keyes</span> added that the company expects any recap to significantly reduce its debt and increase its financial flexibility. <span class="sent">The company also said that its board has approved an extension of <span class="analyst">Keyes</span>' contract as chairman and CEO.</span> "I have reaffirmed to the Board and our management team my commitment to facilitate the recapitalization and to continue the business transformation of <span class="company">Blockbuster</span>," <span class="analyst">Keyes</span> said in a statement. Earlier this afternoon, the company disclosed that it is going to be delisted by the New York Stock Exchange, after holders failed to approved a proposed reverse stock split ....The company also said that its board has approved an extension of <span class="analyst">Keyes</span>' contract as chairman and CEO. <span class="sent">"I have reaffirmed to the Board and our management team my commitment to facilitate the recapitalization and to continue the business transformation of <span class="company">Blockbuster</span>," <span class="analyst">Keyes</span> said in a statement.</span> Earlier this afternoon, the company disclosed that it is going to be delisted by the New York Stock Exchange, after holders failed to approved a proposed reverse stock split . BBI shares were halted for most of the day pending news. Tweet this   read full story