TAG RESULTS FOR: bankruptcy

After years of rumors and months of procrastination, Blockbuster has finally filed for bankruptcy, effectively reducing their debt from $1 billion to $100 million. Blockbuster announced, via press release, a “pre-arranged” bankruptcy in order to “recapitalize” and “substantially reduce its indebtedness.” Unfortunately for most stock holders, your debt caused by Blockbuster is still your own. The Chapter 11 filing reads “Under the proposed plan, there would be no recovery by the holders of the Company’s outstanding subordinated debt, preferred stock or... Continue reading

The AP is reporting that Liberty Media, who had previously expressed interest in Sirius-XM, has signed a deal where it’ll invest $350 million in the failing satellite radio company. This comes right in the nick of time; Sirius had $175 million in bond payments due today, which would have no doubt sent the company into Chapter 11 bankruptcy. Instead, Liberty Media is going to get 12.5 million shares of convertible preferred stock, worth about 40 percent of the company’s common... Continue reading

The New York Times tends to be a pretty reputable news source. So when I read last night that XM-Sirius Satellite Radio is probably going to file for bankruptcy, I felt like absolute shit. Why? Because I recently bought some shares of the company hoping it’d recover by 2011. Apparently CEO Mel Karmazin just can’t get the company to turn a profit and the debt is piling up. Combined with pissed off shareholders like myself who are fuming over a... Continue reading

We’ve been following the Circuit City bankruptcy very closely. Yesterday, we showed you some of the liquidation “deals” that readers posted around the Internet. Nothing spectacular there, but even less spectacular is Circuit City’s official website. It has no online store now and just announces the closing of all its stores, bankruptcy proceedings and other legal jib-jab. After 60 years, Circuit City is done and all that’s left is for Best Buy to continue raking in the profits. Link

Technologizer’s Harry McCracken was brave enough to stop by his local Circuit City in California to see what all the fuss was about regarding the company’s liquidation process. Inside, he found mediocre deals on mediocre equipment. No surprise there. Harry speculated that as the shelves become more bare, the discounts will increase. We agree. Still, I think it’s worth checking out a Circuit City if you live near one. Chances are the manager will be more than happy to bargain... Continue reading

I really don’t see much of a future for Circuit City. If it’s filing for Chapter 11 bankruptcy, replacing CEOs, closing stores and losing cash, explain to me how the company is supposed to survive. Says Bloomberg: On Sept. 29, Circuit City reported a loss of $239.2 million that was more than triple from a year earlier after sales fell for the sixth straight quarter. The end is near for Circuit City. I’m guessing that by 2010, the company will... Continue reading