Blockbuster shares to be delisted by NYSE (WSJ)
By Nancy Tartaglione
Blockbuster shares were suspended and delisted by the New York Stock Exchange, after the embattled video-rental chain failed to address its lack of compliance with NYSE listing standards, The Wall Street Journal reports. The delisting will take effect next Wednesday.
The delisting came after Blockbuster said late Wednesday that two key proposals, which it said last week had been approved by shareholders, had failed to win majority support. The company had proposed combining its Class A and Class B shares into a single class and undertaking a reverse split of its stock to raise the trading price and help bring it back into compliance.
Separately, says the Journal, the company won an extension through Aug. 13 from holders of senior secured notes. There are about $630 million outstanding of the 11.75% notes due 2014.
Blockbuster has more than $900 million in debt and said the forbearance agreement would allow the company to preserve $42.4 million in incremental liquidity.
The company also said its board approved Chairman and Chief Executive Jim Keyes to continue serving in those posts.
Related Links
Blockbuster Will Be Delisted (WSJ, sub)
McGurk, Rosett waiting for contract settlement and sale - will buyer ask them to return and manage Overture again? (THR)
Auds fall for ABC's 'Bachelorette' as Alphabet wins Monday night for fifth time (VAR)
FT-Orange rethinks contents biz as chief mulls exit from pay TV sector (VAR)
Leno, Crowe to guest on final season of 'Hannah Montana' (REU)
ANGER AS JENNIFER LOPEZ PREPS TO ROCK NORTH CYPRUS (AFP)
Earlier report: A Lindsay Lohan comeback? (TDB, updated)
Aussie rockers to pay for 'Kookaburra' rip-off (AFP)
BBC Trust sides with protestors, orders pubcaster to reconsider digital radio strategy (VAR)
'MacKillop the Musical' for Aussie saint-to-be (AFP)
The Hollywood Reporter's High-Priced Gambit for Page Six Boss Richard Johnson (GAW)
Sony to introduce new PlayStation 3 with bigger memory (AFP)
