WILMINGTON, Delaware (Reuters) – a video rental chain Blockbuster Inc. wants to have control over his bankruptcy extended to 21 March to develop a plan of activities in accordance with judicial documents.
The largest chain of video rental U.S. filed for bankruptcy in September and its exclusive right to propose a reorganisation plan towards its creditors, expires on 21 January.
If this right has not been renewed, any party to the bankruptcy may propose its own plan.
Blockbuster said in documents filed Wednesday in Manhattan by the Court of bankruptcy needs more time to evaluate how many of the roughly 2,900 stores to open, which called the most important element of the business plan.
Analysts have said, the company cut costs if hopes to compete with rivals, which do not involve thousands of shops, such as Netflix Inc and kiosks Redbox Coinstar Inc.
Blockbuster filed for bankruptcy with a plan to develop most of its approximately $ 1 billion debt by inversion of control to holders of its bonds.
Those bondholders, led by the investor Carl Icahn, the Director also provided funding to continue operating in the bankruptcy of the company.
Blockbuster said, Reuters earlier this week had to extend the time limit for the complexity of the work of the evaluation of the thousands of shops lease in the midst of a free shopping season.
While the bankruptcy courts for the granting of exclusive, routine extensions could become the basis for the unveiling of the competitive bid for the company.
A group of shareholders, said on Wednesday they work with potential investors who are considering a bid for the Blockbuster that will challenge the plans Ichan by the group.
Shares of Blockbuster to 12,3% 14.6 cents in trade Pink Sheet.
The case is in re: 10-14997, United States Bankruptcy Court, Southern District of New York.
(Reporting by Tom Hals, editing Dave Zimmerman)
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