Blockbuster Says Delay in Releasing Second-Quarter Results Not Tied to Bankruptcy News
At the close of business today, Blockbuster was supposed to release its second-quarter financials. It did not. And, till moments ago, it was impossible to get anyone from the company on the phone to explain why it failed to release the figures -- which has prompted widespread speculation that bankruptcy is "imminent." It didn't help matters that only yesterday, the company canceled a conference call with investors, scheduled, as always, to occur immediately following the release of the financials. Blockbuster said it canned the call "in light of the sensitive nature and fluid, rapid pace of ongoing negotiations related to its recapitalization."
But moments ago I finally reached Patty Sullivan, a spokesperson at Renaissance Tower HQ. She apologized for not returning calls, explaining that she'd been in an "employee town hall meeting," and said that the second-quarter results will not be released till tomorrow morning after all. Friday also happens to be the day Blockbuster is supposed to make a $42.4-milion debt payment -- which has already been delayed more than once by bondholders trying to keep the cash-poor video giant afloat.
"The release and the 10-Q will go out together," Sullivan told Unfair Park. "You can stop waiting. We just decided to send the two together. It made more sense."
I then asked her: Will the announcement reveal anything about a prepackaged bankruptcy?
"No," she said. "There will be no news announcing that."
Till tomorrow morning then.
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