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Blockbuster debt at new low

By
Claire Atkinson
Published June 9, 2010, 4:00 a.m. ET

The embattled Blockbuster video-rental chain saw its debt fall to record lows yesterday as it continues to struggle to reach a deal with creditors to reduce its massive $900 million debt load.

Blockbuster has pushed back its annual shareholders meeting to June 24 in order to strike a deal — but investors aren’t too optimistic. In the past, the company has said it may have to file for bankruptcy if a deal is not completed.

The retailer’s 9 percent unsecured bonds have plunged 14.75 cents from April to 9.25 cents, according to Trace, Finra’s bond-price reporting system, Bloomberg News reported.

Efforts to turn around the firm have struggled in the face of tough competition from the likes of Redbox and Netflix.

What’s more, cable operators are turning up the volume on their day and date movie releases as part of a Blockbuster-busting joint on-demand marketing campaign called “The Video Store Just Moved In.”

Meanwhile, Blockbuster is making a grab for cash and is charging renters a dollar a day for movies not returned within five days.

At one suburban New Jersey store, the cash crunch appeared to get so bad that it had turned off its air conditioning during the heat wave last weekend. The manager of the store, exhibiting gallows humor, joked to one customer that it was turned off to save money.

Later, an employee said the problem was due to a “landlord issue” that was being resolved.

Blockbuster shares fell 2 cents, or 6.3 percent, to 29 cents yesterday. With Post wires