Blockbuster Files Chapter 11 Bankruptcy

Reorganize $900 million in debt in an effort to stay in business

Blockbuster filed a petition for bankruptcy on last Thursday, September 23rd 2010, with the Federal U.S. Bankruptcy Court in New York.  Their Chapter 11 bankruptcy was filed in an effort to reorganize their $900 million debt and secure a $125 million loan in order to help finance their company’s business operations.  A Delaware bankruptcy attorney says that most companies stay open, which is exactly Blockbuster’s intentions.  They will stay open through bankruptcy with the bank’s permission and supervision.  After a business is revived from their reorganization their will be little debt besides Blockbusters hefty $125 mill loan.

For more information on Delaware bankruptcy filing or if you are interested in general bankruptcy information please check this out.

Next Steps

For the future, and after bankruptcy, Blockbuster will try to redeem itself and… Read the rest

Building Demolition – Fail.

Thumbs down on the demolition crew’s skill, thumbs up on the construction. Let’s hope for the neighbors’ sake any asbestos was removed from that building before it came tumbling into their living rooms. As any mesothelioma lawyer can tell you, asbestos exposure can be deadly.

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