Blockbuster Gets $290M Stalking Horse Bid

U.S. movie rental chain, Blockbuster, has started a process to sell the company. The company has entered into an agreement with stalking horse bidder, Cobalt Video Holdco, for $290 million, adds The Wall Street Journal.

Cobalt Video Holdco is formed by funds managed by Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Värde Partners. The deal is subject to approval by the bankruptcy court and customary closing conditions.

Click here for the release from Blockbuster.

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