Blockbuster Being Delisted From NYSE

Posted Jul 3, 2010

Blockbuster Inc. (NYSE:BBI), trading at $0.18 and sitting on a market cap of $38.69 million is going to be delisted from the NYSE.  Blockbuster failed to get shareholder votes on proposals that were designed to help the company comply with the NYSE requirements.  Blockbuster did not get enough votes from shareholders to agree on a reverse stock split and a combination of Class A and Class B shares.  There was also a low voter turnout. The only good news that Blockbuster announced is that debt-holders agreed to give Blockbuster a six-week extension for paying back $42.4 million interest and principal payment on a $630 million senior secured debt. [NewTeeVee]