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Blockbuster Preparing to Sell Itself: Report

Blockbuster
Blockbuster

Blockbuster is preparing to sell itself after failing to secure more cash from creditors to exit bankruptcy protection, according to a report that appeared in The Wall Street Journal Thursday.

The movie and video game rental chain currently under Chapter 11 bankruptcy is planning on seeking buyers as opposed to reorganizing in bankruptcy court, according to the Wall Street Journal. The report said Blockbuster could ask a bankruptcy judge to approve bidding procedures as soon as next week.

The report citing sources close to the story indicated the likeliest buyers of Blockbuster out of bankruptcy court are billionaire investor Carl Icahn and a consotorium led by hedge fund Monarch Alternative Capital.