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Drones over U.S. may pose security risks
LOS ANGELES, Aug. 27 (UPI) -- Blockbuster Inc., a fallen star in movie rentals, has been meeting with Hollywood executives to prepare for bankruptcy, sources told the Los Angeles Times.
The company plans to file for Chapter 11 reorganization next month, the newspaper reported Thursday, citing people familiar with the matter. A pre-planned filing would require most Blockbuster creditors to accept its plans to recapitalize.
Blockbuster, headquartered in Dallas, was founded in 1985 and was sold to Viacom for $8.4 million in 1998. In 2004, Blockbuster, already hurt by the switch from videos to DVDs for rental movies, split off from Viacom.
The company has lost $1.1 billion since January 2008 and has debt of almost $1 billion.
Bankruptcy would allow the company to escape its leases for hundreds of retail locations, the Times said.
Blockbuster Chief Executive Officer Jim Keyes met last week with executives from most major studios, whose support is important to the company's future.
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