April 1, 2011, 2:23 PM

Blockbuster will know its new owner on Monday

Several bids are part of the auction process for the assets of the bankrupt retailer.

Lead Photo

Blockbuster Inc. will know on Monday who its new owner will be.

In a new filing with the U.S. Bankruptcy Court for the Southern District of New York, the retailer says an auction for its assets, including Blockbuster.com and its digital streaming technology, will take place at 10 a.m. Eastern time in the courthouse.

In February Blockbuster, No. 34 in the Internet Retailer Top 500 Guide, accepted a stalking horse bid of $290 million from a consortium of current investors and note holders that includes Cobalt Video Holdco LLC, a limited liability company formed by funds managed by Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Värde Partners Inc.

A stalking horse bid is an initial bid on a bankrupt company's assets from an interested buyer chosen by the bankrupt company and sets the floor for minimum acceptable bids. Blockbuster has yet to name who any other bidders may be, but does acknowledge the company has received some other offers.

Blockbuster, which lists total assets of $1.01 billion and debts of $1.46 billion, filed for bankruptcy in September.

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Jock Purtle / E-Commerce

What is your e-commerce business worth?

The founder of a merger and acquisitions consulting firm examines how e-retailers can know the ...

FPO

Adrien Henni / E-Commerce

Alibaba and Chinese e-commerce rivals target Russia

Besides Alibaba, Chinese e-commerce companies like LightInTheBox and DinoDirect are seeking deals to get goods ...

Advertisement